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2023-04-04

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2023-03-24

$小米集团-W(01810)$

2023-02-25

$英特尔(INTC)$ business shrinking....

2022-10-19

6

Market Overview | 8 consecutive bull stocks changed hands! Shipping stocks buck trend and surge

2022-09-13

6

The last inflation report before the Fed's interest rate meeting will be released. Why is this data so critical?

2022-09-13

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The last inflation report before the Fed's interest rate meeting will be released. Why is this data so critical?

2022-08-22

6

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2022-08-03

6

What is the origin of "demon stock" AMTD Digital? How big is the bubble?

2022-08-03

6

What is the origin of "demon stock" AMTD Digital? How big is the bubble?

2022-07-26

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2022-07-26

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2022-07-04

66

Wenzhou's richest man fought Wall Street, JPMorgan Chase lost 800 million

2022-07-04

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Wenzhou's richest man fought Wall Street, JPMorgan Chase lost 800 million

2022-06-23

6

Why does the Fed dare not save U.S. stocks?

2022-06-16

6

The "Lehman crisis" in the currency circle is fermenting, and now it's the turn of hedge funds!

2022-06-06

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2022-06-06

66

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2022-06-06

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2022-05-13

6

Hong Kong stocks opened higher and moved higher, and the Hang Seng Technology Index gained to 4%

2022-05-13

6

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href=\"https://ttm.financial/S/01810\">$小米集团-W(01810)$&nbsp;</a><v-v data-views=\"1\"></v-v>","listText":"<a href=\"https://ttm.financial/S/01810\">$小米集团-W(01810)$&nbsp;</a><v-v data-views=\"1\"></v-v>","text":"$小米集团-W(01810)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9943484209","isVote":1,"tweetType":1,"viewCount":2718,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9957259675,"gmtCreate":1677308831298,"gmtModify":1677308834780,"author":{"id":"3578098715246654","authorId":"3578098715246654","name":"开洱文","avatar":"https://community-static.tradeup.com/news/e6a32c6dd5e85c5b3bf6c591b38391d6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578098715246654","idStr":"3578098715246654"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/INTC\">$英特尔(INTC)$&nbsp;</a><v-v 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shrinking....","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9957259675","isVote":1,"tweetType":1,"viewCount":3192,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9983131948,"gmtCreate":1666174654785,"gmtModify":1676537718081,"author":{"id":"3578098715246654","authorId":"3578098715246654","name":"开洱文","avatar":"https://community-static.tradeup.com/news/e6a32c6dd5e85c5b3bf6c591b38391d6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578098715246654","idStr":"3578098715246654"},"themes":[],"htmlText":"6","listText":"6","text":"6","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9983131948","repostId":"1141641724","repostType":2,"repost":{"id":"1141641724","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1666169142,"share":"https://ttm.financial/m/news/1141641724?lang=en_US&edition=fundamental","pubTime":"2022-10-19 16:45","market":"sh","language":"zh","title":"Market Overview | 8 consecutive bull stocks changed hands! Shipping stocks buck trend and surge","url":"https://stock-news.laohu8.com/highlight/detail?id=1141641724","media":"老虎资讯综合","summary":"恒科指大跌逾4%，科技股重挫；沪指震荡调整跌1.19%；美股指期货、欧洲股市、原油、黄金均走低；奈飞、阿斯麦、美联航绩后大涨>>>港股港股三大指数全天呈单边下跌行情，昨日反弹上涨的市场情绪再度陷入低迷","content":"<p><html><head></head><body>The Hengke Index fell more than 4%, and technology stocks fell sharply; The Shanghai Composite Index fell 1.19% after shock adjustment; U.S. stock index futures, European stock markets, crude oil, and gold all fell;<a href=\"https://laohu8.com/S/NFLX\">Netflix</a>、<a href=\"https://laohu8.com/S/ASML\">ASML</a>, United Airlines surged after the results > > ><b>Hong Kong Stocks</b></p><p>The three major indexes of Hong Kong stocks fell unilaterally throughout the day, and the market sentiment that rebounded and rose yesterday once again fell into a downturn. As of the close, the Hang Seng Index fell 2.38% and 403 points, and the Hang Seng Technology Index fell 4.19%, falling below the 3,200-point mark.</p><p><img src=\"https://static.tigerbbs.com/2694773a7c1d671f7fa8b16a222dbb92\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p>On the disk, large technology stocks fell across the board, dragging down the market.<a href=\"https://laohu8.com/S/01024\">Kuaishou-W</a>Fell more than 7%,<a href=\"https://laohu8.com/S/03690\">Meituan-W</a>Fell more than 6%,<a href=\"https://laohu8.com/S/09618\">Jingdong Group-SW</a>Down 5.55%,<a href=\"https://laohu8.com/S/09988\">Alibaba-SW</a>Fell more than 5%,<a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>、<a href=\"https://laohu8.com/S/09888\">Baidu Group-SW</a>Etc. all fell; Home appliance stocks led the decline throughout the day. Gambling stocks, sporting goods, mobile game stocks, automobile stocks, photovoltaic stocks, catering stocks, and Chinese brokerage stocks all expanded their losses in late trading. New energy automobile stocks<a href=\"https://laohu8.com/S/09868\">XPeng Motor-W</a>It fell more than 9% and hit a new low. On the other hand, water stocks and online education stocks bucked the trend and rose.<a href=\"https://laohu8.com/S/01797\">New oriental online</a>The best performer if it rose more than 8%; Power stocks, port shipping stocks, and telecommunications stocks were active in the weakness. Today, the net inflow of southbound funds was 5.417 billion Hong Kong dollars, and the market turnover was 84.7 billion Hong Kong dollars.</p><p><b>A Shares</b></p><p>The market fluctuated and adjusted throughout the day, and the GEM index was relatively strong. As of the close, the Shanghai Composite Index fell 1.19%, the Shenzhen Component Index fell 1.43%, and the ChiNext Index fell 0.86%. Northbound funds sold a net of 6.002 billion yuan throughout the day, net sales for three consecutive days, of which Shanghai Stock Connect sold a net of 4.515 billion yuan and Shenzhen Stock Connect sold a net of 1.488 billion yuan.</p><p><img src=\"https://static.tigerbbs.com/32883f80e36c15adabf2c7d9f6691398\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p>On the disk, port shipping stocks were strong throughout the day.<a href=\"https://laohu8.com/S/600026\">COSCO Shipping Energy</a>、<a href=\"https://laohu8.com/S/601008\">Lianyungang</a>、<a href=\"https://laohu8.com/S/600428\">COSCO SHIPPING</a>、<a href=\"https://laohu8.com/S/600798\">Ningbo Shipping</a>Daily limit. Track stocks such as energy storage and lithium batteries were once active, but gradually fell back in the afternoon.<a href=\"https://laohu8.com/S/002245\">Azure lithium core</a>、<a href=\"https://laohu8.com/S/002796\">Sega Technology</a>、<a href=\"https://laohu8.com/S/000049\">Desai Battery</a>Wait for the daily limit. On the downside, consumer stocks collectively adjusted, and aquaculture stocks led the decline. Overall, individual stocks fell more and rose less, with more than 3,700 individual stocks in the two cities falling. The turnover of the Shanghai and Shenzhen stock markets today was 758.4 billion, a decrease of 35.4 billion from the previous trading day. In terms of sectors, ports, Internet e-commerce, education, integrated die-casting and other sectors were among the top gainers, while oil and gas, chicken raising, precious metals, pet economy and other sectors were among the top losers.</p><p>It is worth noting that<a href=\"https://laohu8.com/S/002093\">Guomai Technology</a>Today, we ushered in 8 consecutive boards, and there was an explosive change of hands. As of the close, the turnover exceeded 2.5 billion yuan, and the turnover rate exceeded 25%. The latest total market value of Guomai Technology is 10.4 billion yuan.</p><p><img src=\"https://static.tigerbbs.com/4398a3a4c02b4fbc320d636c80e9ed99\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p><b>US stocks</b></p><p>The three major U.S. stock index futures continued to fall. As of press time, Dow futures fell 0.29%, Nasdaq 100 futures fell 0.17%, and S&P 500 futures fell 0.26%.</p><p><img src=\"https://static.tigerbbs.com/58ed1e960f3ca0cc5ad74e87356277db\" tg-width=\"395\" tg-height=\"183\" referrerpolicy=\"no-referrer\"/></p><p>Netflix soared more than 13% before the market, and the net increase of 2.41 million paid subscribers in the third quarter exceeded expectations.</p><p><a href=\"https://laohu8.com/S/ASML\">ASML</a>It rose 6.4% before the market. Third-quarter revenue increased 10% year-on-year to 5.778 billion euros, exceeding expectations, and achieving a record net booking volume of 8.9 billion euros.</p><p><a href=\"https://laohu8.com/S/UAL\">United Continental</a>It rose 6.8% before the market. Revenue in the third quarter increased by 66.15% year-on-year to US $12.877 billion, and net profit nearly doubled compared with the same period last year.</p><p><b>European stocks</b></p><p>Major European indexes fell across the board, with Germany's DAX30 falling 0.41%.<a href=\"https://laohu8.com/S/VUKE.UK\">UK FTSE 100</a>It fell 0.59%, and France's CAC40 fell 0.33%.</p><p><img src=\"https://static.tigerbbs.com/108c582b9efef82807b6b41b22f0842b\" tg-width=\"814\" tg-height=\"285\" referrerpolicy=\"no-referrer\"/></p><p><b>crude oil</b></p><p>Crude oil futures fell in the short term. As of press time, WTI crude oil was trading at US $81.89 per barrel, down 0.22%; Brent oil is now trading at $89.59 a barrel, down 0.49%.</p><p><img src=\"https://static.tigerbbs.com/3fcd29290758e89f4ac7cd049bf7491c\" tg-width=\"879\" tg-height=\"820\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/fcda1a4d514bf49d96232092b48ce4f0\" tg-width=\"879\" tg-height=\"820\" referrerpolicy=\"no-referrer\"/></p><p><b>Gold</b></p><p>Gold futures fluctuated lower, now down 0.65% at $1,645 an ounce.</p><p><img src=\"https://static.tigerbbs.com/bb6b633b30da26822bb36294ed6a0f71\" tg-width=\"879\" tg-height=\"820\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Market Overview | 8 consecutive bull stocks changed hands! Shipping stocks buck trend and surge</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMarket Overview | 8 consecutive bull stocks changed hands! Shipping stocks buck trend and surge\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2022-10-19 16:45</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>The Hengke Index fell more than 4%, and technology stocks fell sharply; The Shanghai Composite Index fell 1.19% after shock adjustment; U.S. stock index futures, European stock markets, crude oil, and gold all fell;<a href=\"https://laohu8.com/S/NFLX\">Netflix</a>、<a href=\"https://laohu8.com/S/ASML\">ASML</a>, United Airlines surged after the results > > ><b>Hong Kong Stocks</b></p><p>The three major indexes of Hong Kong stocks fell unilaterally throughout the day, and the market sentiment that rebounded and rose yesterday once again fell into a downturn. As of the close, the Hang Seng Index fell 2.38% and 403 points, and the Hang Seng Technology Index fell 4.19%, falling below the 3,200-point mark.</p><p><img src=\"https://static.tigerbbs.com/2694773a7c1d671f7fa8b16a222dbb92\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p>On the disk, large technology stocks fell across the board, dragging down the market.<a href=\"https://laohu8.com/S/01024\">Kuaishou-W</a>Fell more than 7%,<a href=\"https://laohu8.com/S/03690\">Meituan-W</a>Fell more than 6%,<a href=\"https://laohu8.com/S/09618\">Jingdong Group-SW</a>Down 5.55%,<a href=\"https://laohu8.com/S/09988\">Alibaba-SW</a>Fell more than 5%,<a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>、<a href=\"https://laohu8.com/S/09888\">Baidu Group-SW</a>Etc. all fell; Home appliance stocks led the decline throughout the day. Gambling stocks, sporting goods, mobile game stocks, automobile stocks, photovoltaic stocks, catering stocks, and Chinese brokerage stocks all expanded their losses in late trading. New energy automobile stocks<a href=\"https://laohu8.com/S/09868\">XPeng Motor-W</a>It fell more than 9% and hit a new low. On the other hand, water stocks and online education stocks bucked the trend and rose.<a href=\"https://laohu8.com/S/01797\">New oriental online</a>The best performer if it rose more than 8%; Power stocks, port shipping stocks, and telecommunications stocks were active in the weakness. Today, the net inflow of southbound funds was 5.417 billion Hong Kong dollars, and the market turnover was 84.7 billion Hong Kong dollars.</p><p><b>A Shares</b></p><p>The market fluctuated and adjusted throughout the day, and the GEM index was relatively strong. As of the close, the Shanghai Composite Index fell 1.19%, the Shenzhen Component Index fell 1.43%, and the ChiNext Index fell 0.86%. Northbound funds sold a net of 6.002 billion yuan throughout the day, net sales for three consecutive days, of which Shanghai Stock Connect sold a net of 4.515 billion yuan and Shenzhen Stock Connect sold a net of 1.488 billion yuan.</p><p><img src=\"https://static.tigerbbs.com/32883f80e36c15adabf2c7d9f6691398\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p>On the disk, port shipping stocks were strong throughout the day.<a href=\"https://laohu8.com/S/600026\">COSCO Shipping Energy</a>、<a href=\"https://laohu8.com/S/601008\">Lianyungang</a>、<a href=\"https://laohu8.com/S/600428\">COSCO SHIPPING</a>、<a href=\"https://laohu8.com/S/600798\">Ningbo Shipping</a>Daily limit. Track stocks such as energy storage and lithium batteries were once active, but gradually fell back in the afternoon.<a href=\"https://laohu8.com/S/002245\">Azure lithium core</a>、<a href=\"https://laohu8.com/S/002796\">Sega Technology</a>、<a href=\"https://laohu8.com/S/000049\">Desai Battery</a>Wait for the daily limit. On the downside, consumer stocks collectively adjusted, and aquaculture stocks led the decline. Overall, individual stocks fell more and rose less, with more than 3,700 individual stocks in the two cities falling. The turnover of the Shanghai and Shenzhen stock markets today was 758.4 billion, a decrease of 35.4 billion from the previous trading day. In terms of sectors, ports, Internet e-commerce, education, integrated die-casting and other sectors were among the top gainers, while oil and gas, chicken raising, precious metals, pet economy and other sectors were among the top losers.</p><p>It is worth noting that<a href=\"https://laohu8.com/S/002093\">Guomai Technology</a>Today, we ushered in 8 consecutive boards, and there was an explosive change of hands. As of the close, the turnover exceeded 2.5 billion yuan, and the turnover rate exceeded 25%. The latest total market value of Guomai Technology is 10.4 billion yuan.</p><p><img src=\"https://static.tigerbbs.com/4398a3a4c02b4fbc320d636c80e9ed99\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p><b>US stocks</b></p><p>The three major U.S. stock index futures continued to fall. As of press time, Dow futures fell 0.29%, Nasdaq 100 futures fell 0.17%, and S&P 500 futures fell 0.26%.</p><p><img src=\"https://static.tigerbbs.com/58ed1e960f3ca0cc5ad74e87356277db\" tg-width=\"395\" tg-height=\"183\" referrerpolicy=\"no-referrer\"/></p><p>Netflix soared more than 13% before the market, and the net increase of 2.41 million paid subscribers in the third quarter exceeded expectations.</p><p><a href=\"https://laohu8.com/S/ASML\">ASML</a>It rose 6.4% before the market. Third-quarter revenue increased 10% year-on-year to 5.778 billion euros, exceeding expectations, and achieving a record net booking volume of 8.9 billion euros.</p><p><a href=\"https://laohu8.com/S/UAL\">United Continental</a>It rose 6.8% before the market. Revenue in the third quarter increased by 66.15% year-on-year to US $12.877 billion, and net profit nearly doubled compared with the same period last year.</p><p><b>European stocks</b></p><p>Major European indexes fell across the board, with Germany's DAX30 falling 0.41%.<a href=\"https://laohu8.com/S/VUKE.UK\">UK FTSE 100</a>It fell 0.59%, and France's CAC40 fell 0.33%.</p><p><img src=\"https://static.tigerbbs.com/108c582b9efef82807b6b41b22f0842b\" tg-width=\"814\" tg-height=\"285\" referrerpolicy=\"no-referrer\"/></p><p><b>crude oil</b></p><p>Crude oil futures fell in the short term. As of press time, WTI crude oil was trading at US $81.89 per barrel, down 0.22%; Brent oil is now trading at $89.59 a barrel, down 0.49%.</p><p><img src=\"https://static.tigerbbs.com/3fcd29290758e89f4ac7cd049bf7491c\" tg-width=\"879\" tg-height=\"820\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/fcda1a4d514bf49d96232092b48ce4f0\" tg-width=\"879\" tg-height=\"820\" referrerpolicy=\"no-referrer\"/></p><p><b>Gold</b></p><p>Gold futures fluctuated lower, now down 0.65% at $1,645 an ounce.</p><p><img src=\"https://static.tigerbbs.com/bb6b633b30da26822bb36294ed6a0f71\" tg-width=\"879\" tg-height=\"820\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a5d11890cd6ccd454a56d86737fd3353","relate_stocks":{"399006":"创业板指",".SPX":"S&P 500 Index","000001.SH":"上证指数",".IXIC":"NASDAQ Composite","HSTECH":"恒生科技指数",".DJI":"道琼斯","HSI":"恒生指数"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1141641724","content_text":"恒科指大跌逾4%，科技股重挫；沪指震荡调整跌1.19%；美股指期货、欧洲股市、原油、黄金均走低；奈飞、阿斯麦、美联航绩后大涨>>>港股港股三大指数全天呈单边下跌行情，昨日反弹上涨的市场情绪再度陷入低迷。截止收盘，恒指跌2.38%下挫403点，恒生科技指数跌4.19%，失守3200点关口。盘面上，大型科技股全线下跌拖累大市下挫，快手-W跌超7%，美团-W跌超6%，京东集团-SW跌5.55%，阿里巴巴-SW跌超5%，腾讯控股、百度集团-SW等均下跌；家电股全天领跌，濠赌股、体育用品、手游股、汽车股、光伏股、餐饮股、中资券商股尾盘跌幅均扩大，新能源汽车股小鹏汽车-W大跌超9%再创新低。另一方面，水务股、在线教育股逆势走高，新东方在线涨超8%表现最佳；电力股、港口航运股、电信股在弱势中表现活跃。今日南下资金净流入54.17亿港元，大市成交额为847亿港元。A股大盘全天震荡调整，创业板指相对偏强。截至收盘，沪指跌1.19%，深成指跌1.43%，创业板指跌0.86%。北向资金全天净卖出60.02亿元，连续3日净卖出，其中沪股通净卖出45.15亿元，深股通净卖出14.88亿元。盘面上，港口航运股全天强势，中远海能、连云港、中远海特、宁波海运涨停。储能、锂电等赛道股一度活跃，但午后逐步回落，蔚蓝锂芯、世嘉科技、德赛电池等涨停。下跌方面，消费股集体调整，养殖股领跌。总体上个股跌多涨少，两市超3700只个股下跌。沪深两市今日成交额7584亿，较上个交易日缩量354亿。板块方面，港口、互联网电商、教育、一体化压铸等板块涨幅居前，油气、养鸡、贵金属、宠物经济等板块跌幅居前。值得注意的是，国脉科技今日迎来8连板，并出现爆量换手，截至收盘，成交额超25亿元，换手率超25%。国脉科技最新总市值为104亿元。美股美股三大股指期货持续下挫，截至发稿，道指期货跌0.29%，纳斯达克100指数期货跌0.17%，标普500指数期货跌0.26%。奈飞盘前大涨超13%，第三季度付费订阅用户净增241万超预期。阿斯麦盘前涨6.4%，第三季度营收同比增长10%至57.78亿欧元超预期，实现创纪录的89亿欧元的净预订量。联合大陆航空盘前涨6.8%，第三季度营收同比增长66.15%至128.77亿美元，净利润较去年同期接近翻倍。欧股欧洲主要指数全线下跌，德国DAX30跌0.41%，英国富时100跌0.59%，法国CAC40跌0.33%。原油原油期货短线走低，截止发稿，WTI原油报81.89美元/桶，跌0.22%；布油现报89.59美元/桶，跌0.49%。黄金黄金期货震荡走低，现跌0.65%，报1645美元/盎司。","news_type":1,"symbols_score_info":{"399006":0.9,"HSI":0.9,".IXIC":0.9,".SPX":0.9,"HSTECH":0.9,"000001.SH":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2965,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9935802178,"gmtCreate":1663058365094,"gmtModify":1676537193549,"author":{"id":"3578098715246654","authorId":"3578098715246654","name":"开洱文","avatar":"https://community-static.tradeup.com/news/e6a32c6dd5e85c5b3bf6c591b38391d6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578098715246654","idStr":"3578098715246654"},"themes":[],"htmlText":"6","listText":"6","text":"6","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9935802178","repostId":"1177421171","repostType":4,"repost":{"id":"1177421171","kind":"news","pubTimestamp":1663038466,"share":"https://ttm.financial/m/news/1177421171?lang=en_US&edition=fundamental","pubTime":"2022-09-13 11:07","market":"us","language":"zh","title":"The last inflation report before the Fed's interest rate meeting will be released. Why is this data so critical?","url":"https://stock-news.laohu8.com/highlight/detail?id=1177421171","media":"第一财经","summary":"美联储“群鹰荟萃”，激进加息何时放松？8月中旬以来，美联储一直在向外界传递着强硬的政策信号，虽然加息可能带来冲击，但对抗通胀的态度没有改变。对于政策制定者而言，加强与外界沟通有利于避免市场冲击的发生。","content":"<p><div>The Federal Reserve is \"gathering eagles\", when will the radical rate hike be relaxed? Since mid-August, the Federal Reserve has been sending tough policy signals to the outside world. Although rate hike may have an impact, its attitude towards fighting inflation has not changed. For policy makers, strengthening communication with the outside world is conducive to avoiding market shocks. Therefore, U.S. stocks have stabilized since the middle of last week, and policy expectations have been further digested. Federal Reserve interest rate fund futures show that there is little suspense in the September rate hike of 75 basis points. With the release of the latest inflation data in the United States on the 13th local time, the focus will gradually turn to the game of how the Federal Reserve will slow down policy tightening in the future....</p><p><a href=\"https://www.yicai.com/news/101534146.html\">Web link</a></div></p>","source":"dyvj","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The last inflation report before the Fed's interest rate meeting will be released. Why is this data so critical?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe last inflation report before the Fed's interest rate meeting will be released. Why is this data so critical?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">第一财经</strong><span class=\"h-time small\">2022-09-13 11:07</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>The Federal Reserve is \"gathering eagles\", when will the radical rate hike be relaxed? Since mid-August, the Federal Reserve has been sending tough policy signals to the outside world. Although rate hike may have an impact, its attitude towards fighting inflation has not changed. For policy makers, strengthening communication with the outside world is conducive to avoiding market shocks. Therefore, U.S. stocks have stabilized since the middle of last week, and policy expectations have been further digested. Federal Reserve interest rate fund futures show that there is little suspense in the September rate hike of 75 basis points. With the release of the latest inflation data in the United States on the 13th local time, the focus will gradually turn to the game of how the Federal Reserve will slow down policy tightening in the future....</p><p><a href=\"https://www.yicai.com/news/101534146.html\">Web link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.yicai.com/news/101534146.html\">第一财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6a8642475395bb363eacb86148917e7b","relate_stocks":{"161125":"标普500","OEX":"标普100","SPY":"标普500ETF","SQQQ":"纳指三倍做空ETF","BK4581":"高盛持仓",".SPX":"S&P 500 Index","PSQ":"做空纳斯达克100指数ETF-ProShares","QQQ":"纳指100ETF","UPRO":"三倍做多标普500ETF-ProShares",".IXIC":"NASDAQ Composite","OEF":"标普100指数ETF-iShares","DOG":"道指ETF-ProShares做空","QID":"两倍做空纳斯达克指数ETF-ProShares",".DJI":"道琼斯","SSO":"2倍做多标普500ETF-ProShares","IVV":"标普500ETF-iShares","TQQQ":"纳指三倍做多ETF","BK4550":"红杉资本持仓"},"source_url":"https://www.yicai.com/news/101534146.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1177421171","content_text":"美联储“群鹰荟萃”，激进加息何时放松？8月中旬以来，美联储一直在向外界传递着强硬的政策信号，虽然加息可能带来冲击，但对抗通胀的态度没有改变。对于政策制定者而言，加强与外界沟通有利于避免市场冲击的发生。因此，美股从上周中期开始企稳，政策预期进一步被消化，美联储利率基金期货显示，9月加息75基点几无悬念。随着当地时间13日美国最新通胀数据的公布，焦点将逐步转向未来美联储如何放缓政策收紧的博弈上来。美联储政策效果初现美联储主席鲍威尔上周重申了近期的强硬立场。“历史强烈警告不要过早放松政策，”他在卡托研究所第40届年度货币会议上表示。“我们将继续努力控制通胀，直到工作完成。”他的评论与美联储二号人物、副主席布雷纳德（Lael Brainard）在纽约银行政策会议上的讲话相呼应。当时后者表示，要防范家庭和企业可能开始预期通胀在长期内保持在2%以上的风险。”随着美联储进入缄默期，市场对于本月政策前景基本达成了共识。包括高盛、美国银行和野村证券在内的多家机构将9月会议的预测从50基点上调至75基点。芝商所CME利率观察工具显示，一周后美联储历史性的75基点“三连加”概率已经升至了92%。美国汽油价格较6月高位回落近26%（来源：美国汽车协会AAA）如今近40年来最激进的加息周期正在产生效果。自6月消费者物价指数（CPI）突破9%以后，通胀见顶迹象愈加明显。资产管理机构BK Asset Management宏观策略师施罗斯伯格（Boris Schlossberg）在接受第一财经采访时表示，对于物价而言，能源价格的变动影响最大。美国汽车协会（AAA）数据显示，汽油平均价格已超过80天连续回落，夏季驾驶季结束对供需关系的影响有望持续释放。与此同时，美元强势对其他大宗商品的冲击也缓解终端产品的价格压力。供应链逐步恢复、需求降温下的经济放缓正在使原本紧张的消费供需环境得到缓解。最新美国采购经理人（PMI）调查显示，制造商支付价格指数降至2020年6月以来的最低水平，而服务业支付价格价格则刷新2021年1月以来新低。美国供应管理研究所（Institute for Supply Management）服务业调查委员会主席尼维斯（Anthony Nieves）表示，受访者称近期供应链、物流成本都有所改善。美国8月ISM制造业支付指数降至近27个月低位通胀预期正在逐步降温。密歇根大学消费者调查显示，8月1年期通胀预期从此前的5.2%降至4.8%，创年内新低，同时5年期通胀预期回落到2.9%，处于近一年的区间下端。与此同时，作为重要物价前景指标，美债市场一年期盈亏平衡通胀率已经降至2%以下，这也是近两年来首次低于这一水平。瑞士信贷首席美国股市策略师兼量化研究负责人戈卢布（Jonathan Golub）认为，这是通胀预期崩溃的最新迹象 ，“美联储并不是在试图控制下一次通胀指标，而是在试图控制未来12至18个月的通胀。如果预期通胀正在下降，在其他条件不变的情况下，这可能意味着政策不必过度收紧。”加息节奏何时调整从联邦基金利率期货报价看，在9月预期加息75基点后，年内剩余两次会议继续加息至少100基点的概率同样达到30%，但可能在明年3月后暂停本轮紧缩周期。这显示出，投资者对美联储年内继续鹰派立场的担忧依然存在，而随着利率达到或超过限制水平，货币政策有望迎来新窗口期。施罗斯伯格告诉第一财经，油价有助于抑制短期通胀预期，但还有其他障碍可能让美联储无法放松警惕。例如，住房、教育、医疗、交通等“核心”通胀因素的成本短期内更难控制。从美联储官员的表态看，他们似乎认为通胀降温的速度并不像预想的那样顺利。富国银行指出，美联储的通胀斗争日趋复杂化。食品、燃料价格回落的同时，粘性通胀（如公寓租金）的存在意味着未来几个月通胀道路将“崎岖不平”。该行预计，CPI将在2022年底回落到7%以下，然后在明年年底降至3.5%。这仍将远高于美联储2%的目标。当地时间13日美国公布的通胀数据有望成为美联储下一步行动的重要基准点。目前市场预期8月CPI同比增速将回落至8%，环比月率将回落0.1个百分点，为2020年5月疫情初期以来首次，不过核心CPI月率将小幅反弹。T.Rowe Price首席美国经济学家乌鲁奇（Blerina Uruci）写道：“由于基数效应，在未来两份报告中，年度核心通胀可能会加快，这将成为美联储不安的因素。他们将更加关注动能，并关注未来三个月和六个月的增速变化。同时，美联储对公众和国会的看法也很敏感，有理由保持鹰派的立场。”联合信贷银行（UniCredit Bank）认为，最新通胀数据将喜忧参半，总体上是中性的。美联储将继续观察未来的数据表现，作为政策决定的参考依据。BMO Capital Market策略师林根（Ian Lyngen）则写道，在8月CPI为75基点定价时，市场将思考，美联储将如何调整未来加息的节奏。值得注意的是，货币政策对经济的影响已经引起了美联储内部的广泛关注。美国8月PMI跌破荣枯线，房地产市场降温迹象愈发明显。鲍威尔上月在杰克逊霍尔演讲中表示，加息可能会造成“痛苦”和“持续低于趋势的增长期”。美国财长耶伦上周日表示，（经济衰退）是一个令人担忧的问题，“美联储需要高超的技能，也需要一些运气，才能实现我们有时所说的软着陆，即在保持劳动力市场强劲的同时降低通胀。”因此，外界将密切关注接下来美联储可能出现的任何政策立场变化信号。牛津经济研究院高级经济学家施瓦茨（Bob Schwartz）此前在接受第一财经记者时表示，美国个人储蓄率已经降至5%，这是2009年以来的最低水平。虽然消费者支出表现出韧性，但选择变得更为谨慎。如今经济放缓对就业市场的冲击正在显现，他预计劳动力需求和经济环境疲软将转化为2023年消费势头放缓，进而威胁软着陆的目标。","news_type":1,"symbols_score_info":{"161125":0.9,"IVV":0.9,"SPY":0.9,"TQQQ":0.9,"UPRO":0.9,"SQQQ":0.9,"QID":0.9,"OEX":0.9,".IXIC":0.9,".SPX":0.9,"OEF":0.9,"PSQ":0.9,".DJI":0.9,"MNQmain":0.9,"DOG":0.9,"NQmain":0.9,"QQQ":0.9,"SSO":0.9}},"isVote":1,"tweetType":1,"viewCount":2982,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9935802309,"gmtCreate":1663058357801,"gmtModify":1676537193415,"author":{"id":"3578098715246654","authorId":"3578098715246654","name":"开洱文","avatar":"https://community-static.tradeup.com/news/e6a32c6dd5e85c5b3bf6c591b38391d6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578098715246654","idStr":"3578098715246654"},"themes":[],"htmlText":"6","listText":"6","text":"6","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9935802309","repostId":"1177421171","repostType":4,"repost":{"id":"1177421171","kind":"news","pubTimestamp":1663038466,"share":"https://ttm.financial/m/news/1177421171?lang=en_US&edition=fundamental","pubTime":"2022-09-13 11:07","market":"us","language":"zh","title":"The last inflation report before the Fed's interest rate meeting will be released. Why is this data so critical?","url":"https://stock-news.laohu8.com/highlight/detail?id=1177421171","media":"第一财经","summary":"美联储“群鹰荟萃”，激进加息何时放松？8月中旬以来，美联储一直在向外界传递着强硬的政策信号，虽然加息可能带来冲击，但对抗通胀的态度没有改变。对于政策制定者而言，加强与外界沟通有利于避免市场冲击的发生。","content":"<p><div>The Federal Reserve is \"gathering eagles\", when will the radical rate hike be relaxed? Since mid-August, the Federal Reserve has been sending tough policy signals to the outside world. Although rate hike may have an impact, its attitude towards fighting inflation has not changed. For policy makers, strengthening communication with the outside world is conducive to avoiding market shocks. Therefore, U.S. stocks have stabilized since the middle of last week, and policy expectations have been further digested. Federal Reserve interest rate fund futures show that there is little suspense in the September rate hike of 75 basis points. With the release of the latest inflation data in the United States on the 13th local time, the focus will gradually turn to the game of how the Federal Reserve will slow down policy tightening in the future....</p><p><a href=\"https://www.yicai.com/news/101534146.html\">Web link</a></div></p>","source":"dyvj","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The last inflation report before the Fed's interest rate meeting will be released. Why is this data so critical?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe last inflation report before the Fed's interest rate meeting will be released. Why is this data so critical?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">第一财经</strong><span class=\"h-time small\">2022-09-13 11:07</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>The Federal Reserve is \"gathering eagles\", when will the radical rate hike be relaxed? Since mid-August, the Federal Reserve has been sending tough policy signals to the outside world. Although rate hike may have an impact, its attitude towards fighting inflation has not changed. For policy makers, strengthening communication with the outside world is conducive to avoiding market shocks. Therefore, U.S. stocks have stabilized since the middle of last week, and policy expectations have been further digested. Federal Reserve interest rate fund futures show that there is little suspense in the September rate hike of 75 basis points. With the release of the latest inflation data in the United States on the 13th local time, the focus will gradually turn to the game of how the Federal Reserve will slow down policy tightening in the future....</p><p><a href=\"https://www.yicai.com/news/101534146.html\">Web link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.yicai.com/news/101534146.html\">第一财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6a8642475395bb363eacb86148917e7b","relate_stocks":{"161125":"标普500","OEX":"标普100","SPY":"标普500ETF","SQQQ":"纳指三倍做空ETF","BK4581":"高盛持仓",".SPX":"S&P 500 Index","PSQ":"做空纳斯达克100指数ETF-ProShares","QQQ":"纳指100ETF","UPRO":"三倍做多标普500ETF-ProShares",".IXIC":"NASDAQ Composite","OEF":"标普100指数ETF-iShares","DOG":"道指ETF-ProShares做空","QID":"两倍做空纳斯达克指数ETF-ProShares",".DJI":"道琼斯","SSO":"2倍做多标普500ETF-ProShares","IVV":"标普500ETF-iShares","TQQQ":"纳指三倍做多ETF","BK4550":"红杉资本持仓"},"source_url":"https://www.yicai.com/news/101534146.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1177421171","content_text":"美联储“群鹰荟萃”，激进加息何时放松？8月中旬以来，美联储一直在向外界传递着强硬的政策信号，虽然加息可能带来冲击，但对抗通胀的态度没有改变。对于政策制定者而言，加强与外界沟通有利于避免市场冲击的发生。因此，美股从上周中期开始企稳，政策预期进一步被消化，美联储利率基金期货显示，9月加息75基点几无悬念。随着当地时间13日美国最新通胀数据的公布，焦点将逐步转向未来美联储如何放缓政策收紧的博弈上来。美联储政策效果初现美联储主席鲍威尔上周重申了近期的强硬立场。“历史强烈警告不要过早放松政策，”他在卡托研究所第40届年度货币会议上表示。“我们将继续努力控制通胀，直到工作完成。”他的评论与美联储二号人物、副主席布雷纳德（Lael Brainard）在纽约银行政策会议上的讲话相呼应。当时后者表示，要防范家庭和企业可能开始预期通胀在长期内保持在2%以上的风险。”随着美联储进入缄默期，市场对于本月政策前景基本达成了共识。包括高盛、美国银行和野村证券在内的多家机构将9月会议的预测从50基点上调至75基点。芝商所CME利率观察工具显示，一周后美联储历史性的75基点“三连加”概率已经升至了92%。美国汽油价格较6月高位回落近26%（来源：美国汽车协会AAA）如今近40年来最激进的加息周期正在产生效果。自6月消费者物价指数（CPI）突破9%以后，通胀见顶迹象愈加明显。资产管理机构BK Asset Management宏观策略师施罗斯伯格（Boris Schlossberg）在接受第一财经采访时表示，对于物价而言，能源价格的变动影响最大。美国汽车协会（AAA）数据显示，汽油平均价格已超过80天连续回落，夏季驾驶季结束对供需关系的影响有望持续释放。与此同时，美元强势对其他大宗商品的冲击也缓解终端产品的价格压力。供应链逐步恢复、需求降温下的经济放缓正在使原本紧张的消费供需环境得到缓解。最新美国采购经理人（PMI）调查显示，制造商支付价格指数降至2020年6月以来的最低水平，而服务业支付价格价格则刷新2021年1月以来新低。美国供应管理研究所（Institute for Supply Management）服务业调查委员会主席尼维斯（Anthony Nieves）表示，受访者称近期供应链、物流成本都有所改善。美国8月ISM制造业支付指数降至近27个月低位通胀预期正在逐步降温。密歇根大学消费者调查显示，8月1年期通胀预期从此前的5.2%降至4.8%，创年内新低，同时5年期通胀预期回落到2.9%，处于近一年的区间下端。与此同时，作为重要物价前景指标，美债市场一年期盈亏平衡通胀率已经降至2%以下，这也是近两年来首次低于这一水平。瑞士信贷首席美国股市策略师兼量化研究负责人戈卢布（Jonathan Golub）认为，这是通胀预期崩溃的最新迹象 ，“美联储并不是在试图控制下一次通胀指标，而是在试图控制未来12至18个月的通胀。如果预期通胀正在下降，在其他条件不变的情况下，这可能意味着政策不必过度收紧。”加息节奏何时调整从联邦基金利率期货报价看，在9月预期加息75基点后，年内剩余两次会议继续加息至少100基点的概率同样达到30%，但可能在明年3月后暂停本轮紧缩周期。这显示出，投资者对美联储年内继续鹰派立场的担忧依然存在，而随着利率达到或超过限制水平，货币政策有望迎来新窗口期。施罗斯伯格告诉第一财经，油价有助于抑制短期通胀预期，但还有其他障碍可能让美联储无法放松警惕。例如，住房、教育、医疗、交通等“核心”通胀因素的成本短期内更难控制。从美联储官员的表态看，他们似乎认为通胀降温的速度并不像预想的那样顺利。富国银行指出，美联储的通胀斗争日趋复杂化。食品、燃料价格回落的同时，粘性通胀（如公寓租金）的存在意味着未来几个月通胀道路将“崎岖不平”。该行预计，CPI将在2022年底回落到7%以下，然后在明年年底降至3.5%。这仍将远高于美联储2%的目标。当地时间13日美国公布的通胀数据有望成为美联储下一步行动的重要基准点。目前市场预期8月CPI同比增速将回落至8%，环比月率将回落0.1个百分点，为2020年5月疫情初期以来首次，不过核心CPI月率将小幅反弹。T.Rowe Price首席美国经济学家乌鲁奇（Blerina Uruci）写道：“由于基数效应，在未来两份报告中，年度核心通胀可能会加快，这将成为美联储不安的因素。他们将更加关注动能，并关注未来三个月和六个月的增速变化。同时，美联储对公众和国会的看法也很敏感，有理由保持鹰派的立场。”联合信贷银行（UniCredit Bank）认为，最新通胀数据将喜忧参半，总体上是中性的。美联储将继续观察未来的数据表现，作为政策决定的参考依据。BMO Capital Market策略师林根（Ian Lyngen）则写道，在8月CPI为75基点定价时，市场将思考，美联储将如何调整未来加息的节奏。值得注意的是，货币政策对经济的影响已经引起了美联储内部的广泛关注。美国8月PMI跌破荣枯线，房地产市场降温迹象愈发明显。鲍威尔上月在杰克逊霍尔演讲中表示，加息可能会造成“痛苦”和“持续低于趋势的增长期”。美国财长耶伦上周日表示，（经济衰退）是一个令人担忧的问题，“美联储需要高超的技能，也需要一些运气，才能实现我们有时所说的软着陆，即在保持劳动力市场强劲的同时降低通胀。”因此，外界将密切关注接下来美联储可能出现的任何政策立场变化信号。牛津经济研究院高级经济学家施瓦茨（Bob Schwartz）此前在接受第一财经记者时表示，美国个人储蓄率已经降至5%，这是2009年以来的最低水平。虽然消费者支出表现出韧性，但选择变得更为谨慎。如今经济放缓对就业市场的冲击正在显现，他预计劳动力需求和经济环境疲软将转化为2023年消费势头放缓，进而威胁软着陆的目标。","news_type":1,"symbols_score_info":{"161125":0.9,"IVV":0.9,"SPY":0.9,"TQQQ":0.9,"UPRO":0.9,"SQQQ":0.9,"QID":0.9,"OEX":0.9,".IXIC":0.9,".SPX":0.9,"OEF":0.9,"PSQ":0.9,".DJI":0.9,"MNQmain":0.9,"DOG":0.9,"NQmain":0.9,"QQQ":0.9,"SSO":0.9}},"isVote":1,"tweetType":1,"viewCount":3307,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9996871968,"gmtCreate":1661152062656,"gmtModify":1676536462910,"author":{"id":"3578098715246654","authorId":"3578098715246654","name":"开洱文","avatar":"https://community-static.tradeup.com/news/e6a32c6dd5e85c5b3bf6c591b38391d6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578098715246654","idStr":"3578098715246654"},"themes":[],"htmlText":"6","listText":"6","text":"6","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9996871968","repostId":"1141625467","repostType":2,"isVote":1,"tweetType":1,"viewCount":3448,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9906121703,"gmtCreate":1659499466404,"gmtModify":1705981045032,"author":{"id":"3578098715246654","authorId":"3578098715246654","name":"开洱文","avatar":"https://community-static.tradeup.com/news/e6a32c6dd5e85c5b3bf6c591b38391d6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578098715246654","idStr":"3578098715246654"},"themes":[],"htmlText":"6","listText":"6","text":"6","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9906121703","repostId":"2256670674","repostType":2,"repost":{"id":"2256670674","kind":"news","pubTimestamp":1659488233,"share":"https://ttm.financial/m/news/2256670674?lang=en_US&edition=fundamental","pubTime":"2022-08-03 08:57","market":"us","language":"zh","title":"What is the origin of \"demon stock\" AMTD Digital? How big is the bubble?","url":"https://stock-news.laohu8.com/highlight/detail?id=2256670674","media":"大摩财经","summary":"一家少有人注意的中小型中概股，在华尔街市场掀起一股“妖风”：上市半个月，股价上涨215倍，市值突破3100亿美元。香港商人蔡志坚控制的尚乘数科于7月14日登陆美股，发行价7.8美元，绿鞋后募资1.43","content":"<p><html><head></head><body>A small and medium-sized Chinese concept stock that few people noticed set off a \"demon wind\" in the Wall Street market: half a month after its listing, its stock price rose 215 times, and its market value exceeded US $310 billion.</p><p>Controlled by Hong Kong businessman Tsai Zhijian<a href=\"https://laohu8.com/S/HKD\">AMTD Digital</a>It landed on the U.S. stock market on July 14, with an issue price of US $7.8, and raised US $143.5 million after Green Shoes. It is the largest IPO project of Chinese concept stocks in the United States during the year.</p><p>After listing, AMTD Digital unexpectedly went out of a strong rising market, with an increase of more than 100% for several consecutive trading days. The closing price on August 1 was US $742, an increase of 94 times compared to the issue price. On August 2, AMTD Digital's closing price was US $1,679, and its market value exceeded US $310 billion. The leading Chinese concept company listed in the United States<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>The market value that day was approximately US $240 billion.</p><p><b>It is worth mentioning that AMTD Digital has a total share capital of 74.01 million shares, but only 8.37 million shares are outstanding, accounting for about 11.3%. After listing, the daily trading volume is only a few hundred thousand shares.</b></p><p><b>The most demonic \"demon stock\" of the year</b></p><p>AMTD Digital is a digital finance company under AMTD Group. AMTD Group was first founded in 2003 by Li Ka-shing's Cheung Kong Holdings and Hutchison Whampoa, and introduced new shareholders in 2014<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>After the Asia Private Equity Investment Fund (MSPE), the Lee family no longer participates in its daily management and operation. Cai Zhijian, a Hong Kong businessman with investment banking background, became the actual controller of AMTD Group.</p><p>According to public information, AMTD Group develops its business layout around the IDEA strategy, in which \"I\" stands for investment banking and traditional finance, \"D\" refers to the digital finance sector (AMTD Digital), \"E\" refers to the education side, and \"A\" refers to real estate and hotels.</p><p>In recent years, AMTD Group has continuously split its business segments and listed them, among which<a href=\"https://laohu8.com/S/AMTD\">AMTD International</a>Listed on the New York Stock Exchange in August 2019, and in 2020<a href=\"https://laohu8.com/S/S68.SI\">Singapore Exchange</a>Secondary listing, it is the first listed company in Singapore with different rights for the same shares.</p><p>AMTD Digital was established in 2019 and was acquired by AMTD International for US $1.2 billion in early 2022. After the acquisition is completed, AMTD International owns 97.1% of AMTD Digital, and the former also changed its stock abbreviation to AMTD IDEA Group.</p><p><b>As of the end of 2021, AMTD Group holds 50.6% of AMTD International, and Infinity Power Investments Limited, wholly owned by Tsai Zhijian, holds 32.5%.<a href=\"https://laohu8.com/S/00355\">Century City International</a>Holding 5.8% of the shares. According to the prospectus, Infinity Power Investments Limited is the largest single shareholder of AMTD International. The equity of AMTD Group has not been disclosed. According to the content of the prospectus, it can only be known that its board members include Cai Zhijian.</b><img src=\"https://static.tigerbbs.com/a9330f70732bcf7f381d1ac52029f9d8\" tg-width=\"1080\" tg-height=\"297\" referrerpolicy=\"no-referrer\"/>It is worth mentioning that the stock price of AMTD IDEA Group (formerly AMTD International) rose sharply on August 2, hitting an all-time high of US $12.89 during the session. As of 23:00 on August 2, AMTD IDEA Group rose by about 300%, the latest market value is around US $3.1 billion.</p><p>Cai Zhijian, 44, once worked at PricewaterhouseCoopers,<a href=\"https://laohu8.com/S/UBS\">UBS</a>Waiting for employment in the company. From 2014 to 2015, when Cai Zhijian worked at UBS, two projects he participated in were investigated by the Hong Kong Securities and Futures Commission due to conflicts of interest and information disclosure issues. In January 2022, the Hong Kong Securities Regulatory Commission issued a \"Notice of Decision\" to Cai Zhijian, ruling that Cai Zhijian had two illegal acts: disclosure, fair treatment, and conflict of interest, and made a penalty decision to ban him from business for two years. Cai Zhijian then filed an application for review and filed an application for closed-door hearing.</p><p>However, Cai Zhijian's application for a closed-door hearing was not passed. The case is currently pending trial and the injunction has not yet taken effect. The formal hearing will be held in public from December 12 to 16, 2022.</p><p>In 2019, Cai Zhijian was debt collected by CMIG and accused of financial fraud. Since then, Cai Zhijian's whereabouts have tended to be low-key. Caixin quoted people familiar with the matter as saying that Cai Zhijian was suspected of leaving Hong Kong this year to avoid debts and was in Singapore from March to April 2022.</p><p><b>How big is the bubble?</b></p><p>After the market closed on August 1, AMTD Digital's rolling P/E has reached 5,992 times. Can AMTD Digital's fundamentals support such a valuation?</p><p>In contrast, the average P/E of the S&P 500 Index is less than 20 times, and the U.S. financial giants<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>P/E is less than 9 times, and Morgan Stanley P/E is 10.7 times.</p><p>Compared with international giants, AMTD Digital is overvalued by more than a star. From fiscal year 2019 to fiscal year 2021 (as of April 30 of that year), AMTD Digital's revenue was HK $15 million, HK $167.5 million and HK $195.8 million respectively; Profit for the same period (including changes in fair value of financial assets) was HK $22 million, HK $158 million and HK $172 million, respectively. In the ten months from May 2021 to the end of February 2021, AMTD Digital's revenue was HK $168 million and its net profit was HK $187 million, a year-on-year increase of 3.7% and 65.5% respectively.</p><p>AMTD Digital mainly has two business lines, namely digital financial services and cobweb ecosystem solutions. Among them, digital financial services mainly provide customers with insurance and digital banking services. AMTD Digital has repeatedly emphasized that the \"scarcest digital financial license in Asia\" actually implements only the insurance brokerage license, which can conduct insurance brokerage business in Singapore and Hong Kong. The remaining financial assets and licenses still need to be approved by the Financial Supervisory Authority of Singapore.</p><p>Another major business line, the cobweb ecosystem solution, is to provide paid members with exclusive access to the AMTD SpiderNet ecosystem and its famous corporate members, outstanding corporate executives and partners. At the same time, the business provides support in relevant professional fields through cooperation with industry leaders and academic institutions. To comb it briefly, this business doesn't seem to be much different from ordinary investment banking think tanks.</p><p>It is worth mentioning that the growth rate of AMTD Digital's two major businesses has slowed down significantly. From fiscal year 2019 to the first ten months of fiscal year 2022, the revenue of digital financial services business was HK $8.671 million, HK $9.869 million, HK $11.721 million and HK $10.088 million respectively. During the same period, profits were HK $1.863 million, HK $4.765 million, HK $1.084 million and HK $1.089 million.<b>In the first ten months of fiscal year 2022, the revenue and profit of the digital financial services business both experienced a year-on-year decline, of which the profit decline reached 18%, far greater than the 2.74% decline in revenue.</b><img src=\"https://static.tigerbbs.com/ca72e2d599028c697449c8c68834fa9a\" tg-width=\"1080\" tg-height=\"369\" referrerpolicy=\"no-referrer\"/>In the first ten months of fiscal year 2019 to fiscal year 2022, AMTD Digital's cobweb ecosystem solution business revenue was HK $5.88 million, HK $158 million, HK $184 million and HK $157 million, respectively, and its profit was HK $1.95 million., 140 million Hong Kong dollars, 144 million Hong Kong dollars and 117 million Hong Kong dollars.<b>Although this part of the business has maintained revenue growth in the ten months of fiscal year 2022, it has fallen into a situation of increasing revenue but not increasing profits. The current profit fell by 2.5% year-on-year.</b></p><p></body></html></p>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>What is the origin of \"demon stock\" AMTD Digital? How big is the bubble?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhat is the origin of \"demon stock\" AMTD Digital? How big is the bubble?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">大摩财经</strong><span class=\"h-time small\">2022-08-03 08:57</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>A small and medium-sized Chinese concept stock that few people noticed set off a \"demon wind\" in the Wall Street market: half a month after its listing, its stock price rose 215 times, and its market value exceeded US $310 billion.</p><p>Controlled by Hong Kong businessman Tsai Zhijian<a href=\"https://laohu8.com/S/HKD\">AMTD Digital</a>It landed on the U.S. stock market on July 14, with an issue price of US $7.8, and raised US $143.5 million after Green Shoes. It is the largest IPO project of Chinese concept stocks in the United States during the year.</p><p>After listing, AMTD Digital unexpectedly went out of a strong rising market, with an increase of more than 100% for several consecutive trading days. The closing price on August 1 was US $742, an increase of 94 times compared to the issue price. On August 2, AMTD Digital's closing price was US $1,679, and its market value exceeded US $310 billion. The leading Chinese concept company listed in the United States<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>The market value that day was approximately US $240 billion.</p><p><b>It is worth mentioning that AMTD Digital has a total share capital of 74.01 million shares, but only 8.37 million shares are outstanding, accounting for about 11.3%. After listing, the daily trading volume is only a few hundred thousand shares.</b></p><p><b>The most demonic \"demon stock\" of the year</b></p><p>AMTD Digital is a digital finance company under AMTD Group. AMTD Group was first founded in 2003 by Li Ka-shing's Cheung Kong Holdings and Hutchison Whampoa, and introduced new shareholders in 2014<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>After the Asia Private Equity Investment Fund (MSPE), the Lee family no longer participates in its daily management and operation. Cai Zhijian, a Hong Kong businessman with investment banking background, became the actual controller of AMTD Group.</p><p>According to public information, AMTD Group develops its business layout around the IDEA strategy, in which \"I\" stands for investment banking and traditional finance, \"D\" refers to the digital finance sector (AMTD Digital), \"E\" refers to the education side, and \"A\" refers to real estate and hotels.</p><p>In recent years, AMTD Group has continuously split its business segments and listed them, among which<a href=\"https://laohu8.com/S/AMTD\">AMTD International</a>Listed on the New York Stock Exchange in August 2019, and in 2020<a href=\"https://laohu8.com/S/S68.SI\">Singapore Exchange</a>Secondary listing, it is the first listed company in Singapore with different rights for the same shares.</p><p>AMTD Digital was established in 2019 and was acquired by AMTD International for US $1.2 billion in early 2022. After the acquisition is completed, AMTD International owns 97.1% of AMTD Digital, and the former also changed its stock abbreviation to AMTD IDEA Group.</p><p><b>As of the end of 2021, AMTD Group holds 50.6% of AMTD International, and Infinity Power Investments Limited, wholly owned by Tsai Zhijian, holds 32.5%.<a href=\"https://laohu8.com/S/00355\">Century City International</a>Holding 5.8% of the shares. According to the prospectus, Infinity Power Investments Limited is the largest single shareholder of AMTD International. The equity of AMTD Group has not been disclosed. According to the content of the prospectus, it can only be known that its board members include Cai Zhijian.</b><img src=\"https://static.tigerbbs.com/a9330f70732bcf7f381d1ac52029f9d8\" tg-width=\"1080\" tg-height=\"297\" referrerpolicy=\"no-referrer\"/>It is worth mentioning that the stock price of AMTD IDEA Group (formerly AMTD International) rose sharply on August 2, hitting an all-time high of US $12.89 during the session. As of 23:00 on August 2, AMTD IDEA Group rose by about 300%, the latest market value is around US $3.1 billion.</p><p>Cai Zhijian, 44, once worked at PricewaterhouseCoopers,<a href=\"https://laohu8.com/S/UBS\">UBS</a>Waiting for employment in the company. From 2014 to 2015, when Cai Zhijian worked at UBS, two projects he participated in were investigated by the Hong Kong Securities and Futures Commission due to conflicts of interest and information disclosure issues. In January 2022, the Hong Kong Securities Regulatory Commission issued a \"Notice of Decision\" to Cai Zhijian, ruling that Cai Zhijian had two illegal acts: disclosure, fair treatment, and conflict of interest, and made a penalty decision to ban him from business for two years. Cai Zhijian then filed an application for review and filed an application for closed-door hearing.</p><p>However, Cai Zhijian's application for a closed-door hearing was not passed. The case is currently pending trial and the injunction has not yet taken effect. The formal hearing will be held in public from December 12 to 16, 2022.</p><p>In 2019, Cai Zhijian was debt collected by CMIG and accused of financial fraud. Since then, Cai Zhijian's whereabouts have tended to be low-key. Caixin quoted people familiar with the matter as saying that Cai Zhijian was suspected of leaving Hong Kong this year to avoid debts and was in Singapore from March to April 2022.</p><p><b>How big is the bubble?</b></p><p>After the market closed on August 1, AMTD Digital's rolling P/E has reached 5,992 times. Can AMTD Digital's fundamentals support such a valuation?</p><p>In contrast, the average P/E of the S&P 500 Index is less than 20 times, and the U.S. financial giants<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>P/E is less than 9 times, and Morgan Stanley P/E is 10.7 times.</p><p>Compared with international giants, AMTD Digital is overvalued by more than a star. From fiscal year 2019 to fiscal year 2021 (as of April 30 of that year), AMTD Digital's revenue was HK $15 million, HK $167.5 million and HK $195.8 million respectively; Profit for the same period (including changes in fair value of financial assets) was HK $22 million, HK $158 million and HK $172 million, respectively. In the ten months from May 2021 to the end of February 2021, AMTD Digital's revenue was HK $168 million and its net profit was HK $187 million, a year-on-year increase of 3.7% and 65.5% respectively.</p><p>AMTD Digital mainly has two business lines, namely digital financial services and cobweb ecosystem solutions. Among them, digital financial services mainly provide customers with insurance and digital banking services. AMTD Digital has repeatedly emphasized that the \"scarcest digital financial license in Asia\" actually implements only the insurance brokerage license, which can conduct insurance brokerage business in Singapore and Hong Kong. The remaining financial assets and licenses still need to be approved by the Financial Supervisory Authority of Singapore.</p><p>Another major business line, the cobweb ecosystem solution, is to provide paid members with exclusive access to the AMTD SpiderNet ecosystem and its famous corporate members, outstanding corporate executives and partners. At the same time, the business provides support in relevant professional fields through cooperation with industry leaders and academic institutions. To comb it briefly, this business doesn't seem to be much different from ordinary investment banking think tanks.</p><p>It is worth mentioning that the growth rate of AMTD Digital's two major businesses has slowed down significantly. From fiscal year 2019 to the first ten months of fiscal year 2022, the revenue of digital financial services business was HK $8.671 million, HK $9.869 million, HK $11.721 million and HK $10.088 million respectively. During the same period, profits were HK $1.863 million, HK $4.765 million, HK $1.084 million and HK $1.089 million.<b>In the first ten months of fiscal year 2022, the revenue and profit of the digital financial services business both experienced a year-on-year decline, of which the profit decline reached 18%, far greater than the 2.74% decline in revenue.</b><img src=\"https://static.tigerbbs.com/ca72e2d599028c697449c8c68834fa9a\" tg-width=\"1080\" tg-height=\"369\" referrerpolicy=\"no-referrer\"/>In the first ten months of fiscal year 2019 to fiscal year 2022, AMTD Digital's cobweb ecosystem solution business revenue was HK $5.88 million, HK $158 million, HK $184 million and HK $157 million, respectively, and its profit was HK $1.95 million., 140 million Hong Kong dollars, 144 million Hong Kong dollars and 117 million Hong Kong dollars.<b>Although this part of the business has maintained revenue growth in the ten months of fiscal year 2022, it has fallen into a situation of increasing revenue but not increasing profits. The current profit fell by 2.5% year-on-year.</b></p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202208030000308211275e&s=b\">大摩财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/675f5186f47a5ae9453d9922f4bd33f5","relate_stocks":{"BK4526":"热门中概股","HKD":"尚乘数科"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202208030000308211275e&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2256670674","content_text":"一家少有人注意的中小型中概股，在华尔街市场掀起一股“妖风”：上市半个月，股价上涨215倍，市值突破3100亿美元。香港商人蔡志坚控制的尚乘数科于7月14日登陆美股，发行价7.8美元，绿鞋后募资1.435亿美元，是年内最大的中概股在美IPO项目。上市后，尚乘数科意外走出强势上涨行情，连续多个交易日涨幅超过100%，8月1日收盘价742美元，相比发行价上涨94倍。8月2日，尚乘数科收盘价1679美元，市值最高突破3100亿美元。美国上市的中概龙头阿里巴巴当日市值约2400亿美元。值得一提的是，尚乘数科总股本7401万股，但流通股只有837万股，占比约11.3%。上市以后每日交易量只有几十万股。年内最妖的“妖股”尚乘数科是尚乘集团旗下的一家数字金融公司。尚乘集团最早由李嘉诚的长江实业、和记黄埔于2003年创立，2014年引入新股东摩根士丹利亚洲私募股权投资基金（MSPE）后，李氏家族不再参与其日常管理营运。投行出身的香港商人蔡志坚成为尚乘集团的实际控制人。公开资料显示，尚乘集团围绕IDEA战略展开业务布局，其中”I”代表投资银行及传统金融，“D”即数字金融板块（尚乘数科），“E”是教育方，”A”则地产及酒店。最近几年，尚乘集团不断拆分旗下业务板块上市，其中尚乘国际于2019年8月登陆纽交所，并在2020年在新加坡交易所二次上市，是新加坡第一家同股不同权的上市公司。尚乘数科成立于2019年，2022年初被尚乘国际斥资12亿美元收购。收购完成后，尚乘国际拥有尚乘数科97.1%股权，前者也将股票简称更名为尚乘IDEA集团。截至2021年底，AMTD集团持有尚乘国际50.6%股权，蔡志坚独资的Infinity Power Investments Limited 持股32.5%，世纪城市国际持股5.8%。根据招股书，Infinity Power Investments Limited是尚乘国际最大单一股东，AMTD集团股权并未披露，根据招股书内容，仅可以知道其董事会成员包括蔡志坚。值得一提的是，尚乘IDEA集团（原来的尚乘国际）在8月2日股价大幅上涨，盘中触及12.89美元的历史高点，截至8月2日23时，尚乘IDEA集团涨幅约300%，最新市值在31亿美元左右。现年44岁的蔡志坚，曾在普华永道、瑞银等公司任职。2014年至2015年，蔡志坚在瑞银工作期间，参与的两个项目，由于存在利益冲突及信息披露问题，遭到香港证监会调查。2022年1月，香港证监会向蔡志坚发出《决定通知书》，裁定蔡志坚有披露及公平对待、利益冲突两项违法行为，并对其做出禁业两年的处罚决定。蔡志坚随后提出了复核申请，并提出了闭门聆讯申请。不过，蔡志坚的闭门聆讯申请并没有通过，目前该案尚待审理，禁令暂未生效，正式聆讯将在2022年12月12日至16日间公开举行。2019年，蔡志坚曾被中民投追债，并被指控金融诈骗。此后，蔡志坚行踪趋于低调。财新引述知情人士消息称，蔡志坚今年疑似为躲债而离开香港，2022年3月至4月期间，曾身处新加坡。泡沫有多大？8月1日收盘后，尚乘数科的滚动市盈率已经达到5992倍。尚乘数科的基本面能撑起这样的估值吗？作为对比的是，标普500指数平均市盈率不到20倍，美国金融巨头摩根大通市盈率不到9倍，摩根士丹利市盈率为10.7倍。相比国际巨头，尚乘数科被高估了不止一星半点。2019财年至2021财年（截至当年4月30日），尚乘数科营收分别为0.15亿港元、1.675亿港元和1.958亿港元；同期利润（包括金融资产公允价值的变动）分别为0.22亿港元、1.58亿港元和1.72亿港元。在2021年5月至2021年2月底的十个月内，尚乘数科营收为1.68亿港元，净利润为1.87亿港元，同比分别增长3.7%和65.5%。尚乘数科主要有两大业务线，即数字金融服务和蛛网生态系统解决方案。其中，数字金融服务主要为客户提供保险和数字银行业务。尚乘数科一再强调的“亚洲最稀缺的数字金融牌照”实际落实的只有保险经纪牌照，可以在新加坡和香港进行保险经纪业务。其余的几个金融资产和牌照，还需要等待新加坡金融监管局的批准。另一大业务线蛛网生态系统解决方案，则是为付费会员提供独家访问AMTD SpiderNet生态系统及其著名的企业成员、杰出的企业高管和合作伙伴的机会。同时，该业务通过与行业领袖和学术机构合作，提供相关专业领域的支持。简单梳理一下，这个业务与一般的投行智库，似乎没有太大区别。值得一提的是，尚乘数科两大业务增速已经明显放缓。2019财年至2022财年的前十个月，数字金融服务业务营收分别为867.1万港元、986.9万港元、1172.1万港元和1008.8万港元。同期，利润为186.3万港元、476.5万港元108.4万港元和108.9万港元。2022财年前十个月，数字金融服务业务营收和利润都出现了同比下滑，其中利润下滑幅度达到18%，远大于营收下滑的2.74%。在2019财年至2022财年的前十个月，尚乘数科的蛛网生态系统解决方案业务营收分别为588万港元、1.58亿港元、1.84亿港元和1.57亿港元，利润为195万港元、1.4亿港元、1.44亿港元和1.17亿港元。这部分业务在2022财年十个月虽然保持了营收增长，但却陷入增收不增利的局面中，当期利润同比下滑2.5%。","news_type":1,"symbols_score_info":{"HKD":0.9}},"isVote":1,"tweetType":1,"viewCount":3257,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9906121413,"gmtCreate":1659499460335,"gmtModify":1705981044870,"author":{"id":"3578098715246654","authorId":"3578098715246654","name":"开洱文","avatar":"https://community-static.tradeup.com/news/e6a32c6dd5e85c5b3bf6c591b38391d6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578098715246654","idStr":"3578098715246654"},"themes":[],"htmlText":"6","listText":"6","text":"6","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9906121413","repostId":"2256670674","repostType":2,"repost":{"id":"2256670674","kind":"news","pubTimestamp":1659488233,"share":"https://ttm.financial/m/news/2256670674?lang=en_US&edition=fundamental","pubTime":"2022-08-03 08:57","market":"us","language":"zh","title":"What is the origin of \"demon stock\" AMTD Digital? How big is the bubble?","url":"https://stock-news.laohu8.com/highlight/detail?id=2256670674","media":"大摩财经","summary":"一家少有人注意的中小型中概股，在华尔街市场掀起一股“妖风”：上市半个月，股价上涨215倍，市值突破3100亿美元。香港商人蔡志坚控制的尚乘数科于7月14日登陆美股，发行价7.8美元，绿鞋后募资1.43","content":"<p><html><head></head><body>A small and medium-sized Chinese concept stock that few people noticed set off a \"demon wind\" in the Wall Street market: half a month after its listing, its stock price rose 215 times, and its market value exceeded US $310 billion.</p><p>Controlled by Hong Kong businessman Tsai Zhijian<a href=\"https://laohu8.com/S/HKD\">AMTD Digital</a>It landed on the U.S. stock market on July 14, with an issue price of US $7.8, and raised US $143.5 million after Green Shoes. It is the largest IPO project of Chinese concept stocks in the United States during the year.</p><p>After listing, AMTD Digital unexpectedly went out of a strong rising market, with an increase of more than 100% for several consecutive trading days. The closing price on August 1 was US $742, an increase of 94 times compared to the issue price. On August 2, AMTD Digital's closing price was US $1,679, and its market value exceeded US $310 billion. The leading Chinese concept company listed in the United States<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>The market value that day was approximately US $240 billion.</p><p><b>It is worth mentioning that AMTD Digital has a total share capital of 74.01 million shares, but only 8.37 million shares are outstanding, accounting for about 11.3%. After listing, the daily trading volume is only a few hundred thousand shares.</b></p><p><b>The most demonic \"demon stock\" of the year</b></p><p>AMTD Digital is a digital finance company under AMTD Group. AMTD Group was first founded in 2003 by Li Ka-shing's Cheung Kong Holdings and Hutchison Whampoa, and introduced new shareholders in 2014<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>After the Asia Private Equity Investment Fund (MSPE), the Lee family no longer participates in its daily management and operation. Cai Zhijian, a Hong Kong businessman with investment banking background, became the actual controller of AMTD Group.</p><p>According to public information, AMTD Group develops its business layout around the IDEA strategy, in which \"I\" stands for investment banking and traditional finance, \"D\" refers to the digital finance sector (AMTD Digital), \"E\" refers to the education side, and \"A\" refers to real estate and hotels.</p><p>In recent years, AMTD Group has continuously split its business segments and listed them, among which<a href=\"https://laohu8.com/S/AMTD\">AMTD International</a>Listed on the New York Stock Exchange in August 2019, and in 2020<a href=\"https://laohu8.com/S/S68.SI\">Singapore Exchange</a>Secondary listing, it is the first listed company in Singapore with different rights for the same shares.</p><p>AMTD Digital was established in 2019 and was acquired by AMTD International for US $1.2 billion in early 2022. After the acquisition is completed, AMTD International owns 97.1% of AMTD Digital, and the former also changed its stock abbreviation to AMTD IDEA Group.</p><p><b>As of the end of 2021, AMTD Group holds 50.6% of AMTD International, and Infinity Power Investments Limited, wholly owned by Tsai Zhijian, holds 32.5%.<a href=\"https://laohu8.com/S/00355\">Century City International</a>Holding 5.8% of the shares. According to the prospectus, Infinity Power Investments Limited is the largest single shareholder of AMTD International. The equity of AMTD Group has not been disclosed. According to the content of the prospectus, it can only be known that its board members include Cai Zhijian.</b><img src=\"https://static.tigerbbs.com/a9330f70732bcf7f381d1ac52029f9d8\" tg-width=\"1080\" tg-height=\"297\" referrerpolicy=\"no-referrer\"/>It is worth mentioning that the stock price of AMTD IDEA Group (formerly AMTD International) rose sharply on August 2, hitting an all-time high of US $12.89 during the session. As of 23:00 on August 2, AMTD IDEA Group rose by about 300%, the latest market value is around US $3.1 billion.</p><p>Cai Zhijian, 44, once worked at PricewaterhouseCoopers,<a href=\"https://laohu8.com/S/UBS\">UBS</a>Waiting for employment in the company. From 2014 to 2015, when Cai Zhijian worked at UBS, two projects he participated in were investigated by the Hong Kong Securities and Futures Commission due to conflicts of interest and information disclosure issues. In January 2022, the Hong Kong Securities Regulatory Commission issued a \"Notice of Decision\" to Cai Zhijian, ruling that Cai Zhijian had two illegal acts: disclosure, fair treatment, and conflict of interest, and made a penalty decision to ban him from business for two years. Cai Zhijian then filed an application for review and filed an application for closed-door hearing.</p><p>However, Cai Zhijian's application for a closed-door hearing was not passed. The case is currently pending trial and the injunction has not yet taken effect. The formal hearing will be held in public from December 12 to 16, 2022.</p><p>In 2019, Cai Zhijian was debt collected by CMIG and accused of financial fraud. Since then, Cai Zhijian's whereabouts have tended to be low-key. Caixin quoted people familiar with the matter as saying that Cai Zhijian was suspected of leaving Hong Kong this year to avoid debts and was in Singapore from March to April 2022.</p><p><b>How big is the bubble?</b></p><p>After the market closed on August 1, AMTD Digital's rolling P/E has reached 5,992 times. Can AMTD Digital's fundamentals support such a valuation?</p><p>In contrast, the average P/E of the S&P 500 Index is less than 20 times, and the U.S. financial giants<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>P/E is less than 9 times, and Morgan Stanley P/E is 10.7 times.</p><p>Compared with international giants, AMTD Digital is overvalued by more than a star. From fiscal year 2019 to fiscal year 2021 (as of April 30 of that year), AMTD Digital's revenue was HK $15 million, HK $167.5 million and HK $195.8 million respectively; Profit for the same period (including changes in fair value of financial assets) was HK $22 million, HK $158 million and HK $172 million, respectively. In the ten months from May 2021 to the end of February 2021, AMTD Digital's revenue was HK $168 million and its net profit was HK $187 million, a year-on-year increase of 3.7% and 65.5% respectively.</p><p>AMTD Digital mainly has two business lines, namely digital financial services and cobweb ecosystem solutions. Among them, digital financial services mainly provide customers with insurance and digital banking services. AMTD Digital has repeatedly emphasized that the \"scarcest digital financial license in Asia\" actually implements only the insurance brokerage license, which can conduct insurance brokerage business in Singapore and Hong Kong. The remaining financial assets and licenses still need to be approved by the Financial Supervisory Authority of Singapore.</p><p>Another major business line, the cobweb ecosystem solution, is to provide paid members with exclusive access to the AMTD SpiderNet ecosystem and its famous corporate members, outstanding corporate executives and partners. At the same time, the business provides support in relevant professional fields through cooperation with industry leaders and academic institutions. To comb it briefly, this business doesn't seem to be much different from ordinary investment banking think tanks.</p><p>It is worth mentioning that the growth rate of AMTD Digital's two major businesses has slowed down significantly. From fiscal year 2019 to the first ten months of fiscal year 2022, the revenue of digital financial services business was HK $8.671 million, HK $9.869 million, HK $11.721 million and HK $10.088 million respectively. During the same period, profits were HK $1.863 million, HK $4.765 million, HK $1.084 million and HK $1.089 million.<b>In the first ten months of fiscal year 2022, the revenue and profit of the digital financial services business both experienced a year-on-year decline, of which the profit decline reached 18%, far greater than the 2.74% decline in revenue.</b><img src=\"https://static.tigerbbs.com/ca72e2d599028c697449c8c68834fa9a\" tg-width=\"1080\" tg-height=\"369\" referrerpolicy=\"no-referrer\"/>In the first ten months of fiscal year 2019 to fiscal year 2022, AMTD Digital's cobweb ecosystem solution business revenue was HK $5.88 million, HK $158 million, HK $184 million and HK $157 million, respectively, and its profit was HK $1.95 million., 140 million Hong Kong dollars, 144 million Hong Kong dollars and 117 million Hong Kong dollars.<b>Although this part of the business has maintained revenue growth in the ten months of fiscal year 2022, it has fallen into a situation of increasing revenue but not increasing profits. The current profit fell by 2.5% year-on-year.</b></p><p></body></html></p>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>What is the origin of \"demon stock\" AMTD Digital? How big is the bubble?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhat is the origin of \"demon stock\" AMTD Digital? How big is the bubble?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">大摩财经</strong><span class=\"h-time small\">2022-08-03 08:57</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>A small and medium-sized Chinese concept stock that few people noticed set off a \"demon wind\" in the Wall Street market: half a month after its listing, its stock price rose 215 times, and its market value exceeded US $310 billion.</p><p>Controlled by Hong Kong businessman Tsai Zhijian<a href=\"https://laohu8.com/S/HKD\">AMTD Digital</a>It landed on the U.S. stock market on July 14, with an issue price of US $7.8, and raised US $143.5 million after Green Shoes. It is the largest IPO project of Chinese concept stocks in the United States during the year.</p><p>After listing, AMTD Digital unexpectedly went out of a strong rising market, with an increase of more than 100% for several consecutive trading days. The closing price on August 1 was US $742, an increase of 94 times compared to the issue price. On August 2, AMTD Digital's closing price was US $1,679, and its market value exceeded US $310 billion. The leading Chinese concept company listed in the United States<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>The market value that day was approximately US $240 billion.</p><p><b>It is worth mentioning that AMTD Digital has a total share capital of 74.01 million shares, but only 8.37 million shares are outstanding, accounting for about 11.3%. After listing, the daily trading volume is only a few hundred thousand shares.</b></p><p><b>The most demonic \"demon stock\" of the year</b></p><p>AMTD Digital is a digital finance company under AMTD Group. AMTD Group was first founded in 2003 by Li Ka-shing's Cheung Kong Holdings and Hutchison Whampoa, and introduced new shareholders in 2014<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>After the Asia Private Equity Investment Fund (MSPE), the Lee family no longer participates in its daily management and operation. Cai Zhijian, a Hong Kong businessman with investment banking background, became the actual controller of AMTD Group.</p><p>According to public information, AMTD Group develops its business layout around the IDEA strategy, in which \"I\" stands for investment banking and traditional finance, \"D\" refers to the digital finance sector (AMTD Digital), \"E\" refers to the education side, and \"A\" refers to real estate and hotels.</p><p>In recent years, AMTD Group has continuously split its business segments and listed them, among which<a href=\"https://laohu8.com/S/AMTD\">AMTD International</a>Listed on the New York Stock Exchange in August 2019, and in 2020<a href=\"https://laohu8.com/S/S68.SI\">Singapore Exchange</a>Secondary listing, it is the first listed company in Singapore with different rights for the same shares.</p><p>AMTD Digital was established in 2019 and was acquired by AMTD International for US $1.2 billion in early 2022. After the acquisition is completed, AMTD International owns 97.1% of AMTD Digital, and the former also changed its stock abbreviation to AMTD IDEA Group.</p><p><b>As of the end of 2021, AMTD Group holds 50.6% of AMTD International, and Infinity Power Investments Limited, wholly owned by Tsai Zhijian, holds 32.5%.<a href=\"https://laohu8.com/S/00355\">Century City International</a>Holding 5.8% of the shares. According to the prospectus, Infinity Power Investments Limited is the largest single shareholder of AMTD International. The equity of AMTD Group has not been disclosed. According to the content of the prospectus, it can only be known that its board members include Cai Zhijian.</b><img src=\"https://static.tigerbbs.com/a9330f70732bcf7f381d1ac52029f9d8\" tg-width=\"1080\" tg-height=\"297\" referrerpolicy=\"no-referrer\"/>It is worth mentioning that the stock price of AMTD IDEA Group (formerly AMTD International) rose sharply on August 2, hitting an all-time high of US $12.89 during the session. As of 23:00 on August 2, AMTD IDEA Group rose by about 300%, the latest market value is around US $3.1 billion.</p><p>Cai Zhijian, 44, once worked at PricewaterhouseCoopers,<a href=\"https://laohu8.com/S/UBS\">UBS</a>Waiting for employment in the company. From 2014 to 2015, when Cai Zhijian worked at UBS, two projects he participated in were investigated by the Hong Kong Securities and Futures Commission due to conflicts of interest and information disclosure issues. In January 2022, the Hong Kong Securities Regulatory Commission issued a \"Notice of Decision\" to Cai Zhijian, ruling that Cai Zhijian had two illegal acts: disclosure, fair treatment, and conflict of interest, and made a penalty decision to ban him from business for two years. Cai Zhijian then filed an application for review and filed an application for closed-door hearing.</p><p>However, Cai Zhijian's application for a closed-door hearing was not passed. The case is currently pending trial and the injunction has not yet taken effect. The formal hearing will be held in public from December 12 to 16, 2022.</p><p>In 2019, Cai Zhijian was debt collected by CMIG and accused of financial fraud. Since then, Cai Zhijian's whereabouts have tended to be low-key. Caixin quoted people familiar with the matter as saying that Cai Zhijian was suspected of leaving Hong Kong this year to avoid debts and was in Singapore from March to April 2022.</p><p><b>How big is the bubble?</b></p><p>After the market closed on August 1, AMTD Digital's rolling P/E has reached 5,992 times. Can AMTD Digital's fundamentals support such a valuation?</p><p>In contrast, the average P/E of the S&P 500 Index is less than 20 times, and the U.S. financial giants<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>P/E is less than 9 times, and Morgan Stanley P/E is 10.7 times.</p><p>Compared with international giants, AMTD Digital is overvalued by more than a star. From fiscal year 2019 to fiscal year 2021 (as of April 30 of that year), AMTD Digital's revenue was HK $15 million, HK $167.5 million and HK $195.8 million respectively; Profit for the same period (including changes in fair value of financial assets) was HK $22 million, HK $158 million and HK $172 million, respectively. In the ten months from May 2021 to the end of February 2021, AMTD Digital's revenue was HK $168 million and its net profit was HK $187 million, a year-on-year increase of 3.7% and 65.5% respectively.</p><p>AMTD Digital mainly has two business lines, namely digital financial services and cobweb ecosystem solutions. Among them, digital financial services mainly provide customers with insurance and digital banking services. AMTD Digital has repeatedly emphasized that the \"scarcest digital financial license in Asia\" actually implements only the insurance brokerage license, which can conduct insurance brokerage business in Singapore and Hong Kong. The remaining financial assets and licenses still need to be approved by the Financial Supervisory Authority of Singapore.</p><p>Another major business line, the cobweb ecosystem solution, is to provide paid members with exclusive access to the AMTD SpiderNet ecosystem and its famous corporate members, outstanding corporate executives and partners. At the same time, the business provides support in relevant professional fields through cooperation with industry leaders and academic institutions. To comb it briefly, this business doesn't seem to be much different from ordinary investment banking think tanks.</p><p>It is worth mentioning that the growth rate of AMTD Digital's two major businesses has slowed down significantly. From fiscal year 2019 to the first ten months of fiscal year 2022, the revenue of digital financial services business was HK $8.671 million, HK $9.869 million, HK $11.721 million and HK $10.088 million respectively. During the same period, profits were HK $1.863 million, HK $4.765 million, HK $1.084 million and HK $1.089 million.<b>In the first ten months of fiscal year 2022, the revenue and profit of the digital financial services business both experienced a year-on-year decline, of which the profit decline reached 18%, far greater than the 2.74% decline in revenue.</b><img src=\"https://static.tigerbbs.com/ca72e2d599028c697449c8c68834fa9a\" tg-width=\"1080\" tg-height=\"369\" referrerpolicy=\"no-referrer\"/>In the first ten months of fiscal year 2019 to fiscal year 2022, AMTD Digital's cobweb ecosystem solution business revenue was HK $5.88 million, HK $158 million, HK $184 million and HK $157 million, respectively, and its profit was HK $1.95 million., 140 million Hong Kong dollars, 144 million Hong Kong dollars and 117 million Hong Kong dollars.<b>Although this part of the business has maintained revenue growth in the ten months of fiscal year 2022, it has fallen into a situation of increasing revenue but not increasing profits. The current profit fell by 2.5% year-on-year.</b></p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202208030000308211275e&s=b\">大摩财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/675f5186f47a5ae9453d9922f4bd33f5","relate_stocks":{"BK4526":"热门中概股","HKD":"尚乘数科"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202208030000308211275e&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2256670674","content_text":"一家少有人注意的中小型中概股，在华尔街市场掀起一股“妖风”：上市半个月，股价上涨215倍，市值突破3100亿美元。香港商人蔡志坚控制的尚乘数科于7月14日登陆美股，发行价7.8美元，绿鞋后募资1.435亿美元，是年内最大的中概股在美IPO项目。上市后，尚乘数科意外走出强势上涨行情，连续多个交易日涨幅超过100%，8月1日收盘价742美元，相比发行价上涨94倍。8月2日，尚乘数科收盘价1679美元，市值最高突破3100亿美元。美国上市的中概龙头阿里巴巴当日市值约2400亿美元。值得一提的是，尚乘数科总股本7401万股，但流通股只有837万股，占比约11.3%。上市以后每日交易量只有几十万股。年内最妖的“妖股”尚乘数科是尚乘集团旗下的一家数字金融公司。尚乘集团最早由李嘉诚的长江实业、和记黄埔于2003年创立，2014年引入新股东摩根士丹利亚洲私募股权投资基金（MSPE）后，李氏家族不再参与其日常管理营运。投行出身的香港商人蔡志坚成为尚乘集团的实际控制人。公开资料显示，尚乘集团围绕IDEA战略展开业务布局，其中”I”代表投资银行及传统金融，“D”即数字金融板块（尚乘数科），“E”是教育方，”A”则地产及酒店。最近几年，尚乘集团不断拆分旗下业务板块上市，其中尚乘国际于2019年8月登陆纽交所，并在2020年在新加坡交易所二次上市，是新加坡第一家同股不同权的上市公司。尚乘数科成立于2019年，2022年初被尚乘国际斥资12亿美元收购。收购完成后，尚乘国际拥有尚乘数科97.1%股权，前者也将股票简称更名为尚乘IDEA集团。截至2021年底，AMTD集团持有尚乘国际50.6%股权，蔡志坚独资的Infinity Power Investments Limited 持股32.5%，世纪城市国际持股5.8%。根据招股书，Infinity Power Investments Limited是尚乘国际最大单一股东，AMTD集团股权并未披露，根据招股书内容，仅可以知道其董事会成员包括蔡志坚。值得一提的是，尚乘IDEA集团（原来的尚乘国际）在8月2日股价大幅上涨，盘中触及12.89美元的历史高点，截至8月2日23时，尚乘IDEA集团涨幅约300%，最新市值在31亿美元左右。现年44岁的蔡志坚，曾在普华永道、瑞银等公司任职。2014年至2015年，蔡志坚在瑞银工作期间，参与的两个项目，由于存在利益冲突及信息披露问题，遭到香港证监会调查。2022年1月，香港证监会向蔡志坚发出《决定通知书》，裁定蔡志坚有披露及公平对待、利益冲突两项违法行为，并对其做出禁业两年的处罚决定。蔡志坚随后提出了复核申请，并提出了闭门聆讯申请。不过，蔡志坚的闭门聆讯申请并没有通过，目前该案尚待审理，禁令暂未生效，正式聆讯将在2022年12月12日至16日间公开举行。2019年，蔡志坚曾被中民投追债，并被指控金融诈骗。此后，蔡志坚行踪趋于低调。财新引述知情人士消息称，蔡志坚今年疑似为躲债而离开香港，2022年3月至4月期间，曾身处新加坡。泡沫有多大？8月1日收盘后，尚乘数科的滚动市盈率已经达到5992倍。尚乘数科的基本面能撑起这样的估值吗？作为对比的是，标普500指数平均市盈率不到20倍，美国金融巨头摩根大通市盈率不到9倍，摩根士丹利市盈率为10.7倍。相比国际巨头，尚乘数科被高估了不止一星半点。2019财年至2021财年（截至当年4月30日），尚乘数科营收分别为0.15亿港元、1.675亿港元和1.958亿港元；同期利润（包括金融资产公允价值的变动）分别为0.22亿港元、1.58亿港元和1.72亿港元。在2021年5月至2021年2月底的十个月内，尚乘数科营收为1.68亿港元，净利润为1.87亿港元，同比分别增长3.7%和65.5%。尚乘数科主要有两大业务线，即数字金融服务和蛛网生态系统解决方案。其中，数字金融服务主要为客户提供保险和数字银行业务。尚乘数科一再强调的“亚洲最稀缺的数字金融牌照”实际落实的只有保险经纪牌照，可以在新加坡和香港进行保险经纪业务。其余的几个金融资产和牌照，还需要等待新加坡金融监管局的批准。另一大业务线蛛网生态系统解决方案，则是为付费会员提供独家访问AMTD SpiderNet生态系统及其著名的企业成员、杰出的企业高管和合作伙伴的机会。同时，该业务通过与行业领袖和学术机构合作，提供相关专业领域的支持。简单梳理一下，这个业务与一般的投行智库，似乎没有太大区别。值得一提的是，尚乘数科两大业务增速已经明显放缓。2019财年至2022财年的前十个月，数字金融服务业务营收分别为867.1万港元、986.9万港元、1172.1万港元和1008.8万港元。同期，利润为186.3万港元、476.5万港元108.4万港元和108.9万港元。2022财年前十个月，数字金融服务业务营收和利润都出现了同比下滑，其中利润下滑幅度达到18%，远大于营收下滑的2.74%。在2019财年至2022财年的前十个月，尚乘数科的蛛网生态系统解决方案业务营收分别为588万港元、1.58亿港元、1.84亿港元和1.57亿港元，利润为195万港元、1.4亿港元、1.44亿港元和1.17亿港元。这部分业务在2022财年十个月虽然保持了营收增长，但却陷入增收不增利的局面中，当期利润同比下滑2.5%。","news_type":1,"symbols_score_info":{"HKD":0.9}},"isVote":1,"tweetType":1,"viewCount":4439,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9909148235,"gmtCreate":1658839554727,"gmtModify":1676536215223,"author":{"id":"3578098715246654","authorId":"3578098715246654","name":"开洱文","avatar":"https://community-static.tradeup.com/news/e6a32c6dd5e85c5b3bf6c591b38391d6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578098715246654","idStr":"3578098715246654"},"themes":[],"htmlText":"66","listText":"66","text":"66","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9909148235","repostId":"1124135125","repostType":4,"isVote":1,"tweetType":1,"viewCount":3175,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9909148129,"gmtCreate":1658839540261,"gmtModify":1676536215214,"author":{"id":"3578098715246654","authorId":"3578098715246654","name":"开洱文","avatar":"https://community-static.tradeup.com/news/e6a32c6dd5e85c5b3bf6c591b38391d6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578098715246654","idStr":"3578098715246654"},"themes":[],"htmlText":"6","listText":"6","text":"6","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9909148129","repostId":"1124135125","repostType":4,"isVote":1,"tweetType":1,"viewCount":1147,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9047533208,"gmtCreate":1656940303604,"gmtModify":1676535918906,"author":{"id":"3578098715246654","authorId":"3578098715246654","name":"开洱文","avatar":"https://community-static.tradeup.com/news/e6a32c6dd5e85c5b3bf6c591b38391d6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578098715246654","idStr":"3578098715246654"},"themes":[],"htmlText":"66","listText":"66","text":"66","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9047533208","repostId":"1128701140","repostType":2,"repost":{"id":"1128701140","kind":"news","weMediaInfo":{"introduction":"有深度、有温度、有态度，在这里读懂财富。","home_visible":1,"media_name":"金融八卦女频道","id":"63","head_image":"https://static.tigerbbs.com/01a8ace21e1041b4bb972ca835e331c7"},"pubTimestamp":1656917579,"share":"https://ttm.financial/m/news/1128701140?lang=en_US&edition=fundamental","pubTime":"2022-07-04 14:52","market":"sh","language":"zh","title":"Wenzhou's richest man fought Wall Street, JPMorgan Chase lost 800 million","url":"https://stock-news.laohu8.com/highlight/detail?id=1128701140","media":"金融八卦女频道","summary":"这次华尔街失算了，金融领域华尔街还是天下第一，但他们的对手也不是没有长进。中国企业通过多年的努力，已经获得了丰富的市场经验和丰厚的资本，被别人摁在地上暴打时，还是有能力反击的。时隔三个多月，全地球人都","content":"<p><html><head></head><body>This time Wall Street miscalculated. In the financial field, Wall Street is still the best in the world, but their opponents are not without progress. Through years of hard work, Chinese enterprises have gained rich market experience and rich capital. When they are pressed on the ground and beaten by others, they still have the ability to fight back. After more than three months, the \"Demon Nickel Short Squeeze War\" known to all people on earth has finally come to an end:</p><p>Xiang Guangda, the richest man in Wenzhou, and his Tsingshan Group escaped unscathed, and Wall Street giant JPMorgan Chase cut its meat and lost 120 million US dollars (about 800 million yuan).</p><p><img src=\"https://static.tigerbbs.com/ed3f5a82dbe41eeb1131b5fe7f4f8e37\" tg-width=\"693\" tg-height=\"442\" referrerpolicy=\"no-referrer\"/></p><p>▲ Xiang Guangda, the actual controller of Tsingshan Holdings/Source: Internet</p><p>According to news on June 29, Tsingshan Holding Group safely withdrew from most of its short nickel positions on the London Metal Exchange (LME). The size of positions has been reduced to about 30,000 tons, far lower than the peak of over 150,000 tons at the time of the incident, and these positions are not held through JPMorgan Chase.</p><p>This is probably the result of negotiations between the two parties. Tsingshan Group left dignity for Wall Street bosses. Otherwise, according to the situation at that time, 120 million US dollars was far from enough.</p><p>Friends who are concerned about this matter may still be \"confused\". Isn't the legendary mastermind behind the scenes the Swiss commodity giant \"Glencore\"? Why did JPMorgan Chase lose money in the end?</p><p>What exactly happened in these three months?</p><p><b>/Qingshan counterkills, Wall Street miscalculates/</b></p><p>Briefly sort out the entire process of the Lunni incident:</p><p>On March 7, 2022, Lunni futures soared from US $29,000/ton to US $55,000/ton, a 15-year high.</p><p>On March 8, Lunni futures rose straight from US $60,000/ton to US $100,000/ton, and the entire process took no more than one hour.</p><p>At 8:15 on March 8 (UK time), Lunkin Exchange suspended all nickel contract trading and canceled trading after 0:00 on March 8, commonly known as \"unplugging the network cable\".</p><p>On March 9, Xiang Guangda admitted that he had been squeezed short by foreign capital and had obtained sufficient spot goods through various channels.</p><p>On March 15, Tsingshan Group stated that it had reached a \"silent agreement\" with a syndicate of futures bank creditors. During this period, Tsingshan's positions will not be closed, and Tsingshan Group will reduce its positions thereafter.</p><p>On March 16, nickel trading at Lunjin Exchange resumed.</p><p>On June 29, Tsingshan Group withdrew from most of its short nickel positions in Lunjin, and the incident ended.</p><p>After reading this, people who don't know the details will still have questions, why is Tsingshan Group targeted by Wall Street capital?</p><p>I really can't blame Wall Street Capital. Tsingshan Group has cultivated itself into \"Tang Monk Meat\", who doesn't want to eat it.</p><p>Tsingshan Group has three fatal loopholes in this matter:</p><p>1. The nickel produced by Tsingshan Group is different from the delivery products traded by Lunjin Exchange. The product delivered by Lunjin Exchange is electrolytic nickel with a purity of more than 99.8%, while the nickel produced by Tsingshan Group is only about 70% high matte nickel and ferronickel with a content of about 10%. 2. There is a problem with the hedging operation of Tsingshan Group. At that time, it bought 200,000 tons of short futures orders, but the entire nickel inventory of Lunjin Exchange was only 80,000 tons. That is to say, even if it bought all the nickel of Lunjin Exchange, it could not make up half of its short futures orders. 3. Usually, when Tsingshan Group meets the delivery period, it will buy nickel with Russia to close its position. The conflict between Russia and Ukraine led to a reversal of market logic, and Russian nickel was embargoed. Tsingshan Group did not respond to this news in time. To sum up, although Tsingshan Group has a rich family, it has played all its good cards at this card table, with only \"1 to 3\" in its hand, and others can't afford to play any cards. In this situation, how could Wall Street capital, which was born bloodthirsty, let go of this seemingly \"must-win\" hunt? It's not like Wall Street hasn't done this before.</p><p>Therefore, Wall Street Capital quickly raised the price of nickel futures on March 7 and March 8, quickly raising something from 20,000 to 30,000 US dollars to 100,000 US dollars, incidentally breaking the \"highest price fluctuation of any kind of asset\" record. \"</p><p>The situation at that time was that Tsingshan Group would have to lose hundreds of billions if it could not ship goods, and if it had no money, it would have to sell Indonesian nickel ore. The new energy industry chain that Chinese companies have worked so hard to build might be severely hit.</p><p>This time Wall Street miscalculated. In the financial field, Wall Street is still the best in the world, but their opponents are not without progress. Through years of hard work, Chinese enterprises have gained rich market experience and rich capital. When they are pressed on the ground and beaten by others, they still have the ability to fight back.</p><p>Although we didn't know who started it at that time, on March 9th, Qingshan Group's counterattack began. Tsingshan Holdings responded that it will replace domestic metal nickel plates with its high matte nickel, which has been allocated to sufficient spot for delivery through various channels.</p><p>Judging from the gossip, several large enterprises in the industry participated in this replacement at that time, which can be described as united as one. Xiang Guangda's original words were: \"After receiving many phone calls, relevant state departments and leaders are very supportive of Qingshan.\"</p><p><img src=\"https://static.tigerbbs.com/5c59e434fbd20c251852e2cf114ed5ca\" tg-width=\"509\" tg-height=\"227\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/ccda0030b524a1d6ae7153f6bcfe1ae9\" tg-width=\"494\" tg-height=\"202\" referrerpolicy=\"no-referrer\"/></p><p>So, why didn't the final result be that Tsingshan Group took out 200,000 tons of nickel delivery products and handed them over to Wall Street takeovers, leaving them with nowhere to store the goods. In the end, they could only sell them at a low price and lose tens of billions of dollars?</p><p>Collecting 200,000 tons of nickel delivery products can certainly solve the urgent need, but what should domestic companies do if so much nickel is handed over? Do all companies stop production and wait for a few months before new nickel is produced before resuming production?</p><p>Doing so, of course, is very relieving, but the price paid is too great.</p><p>As a mature entrepreneur, Xiang Guangda negotiated with his opponents from March 9th to March 15th with the confidence that he could produce 200,000 tons of delivery products, and finally reached a \"silent agreement\".</p><p>Judging from the news on June 29, Tsingshan Group reduced its short position to turn the corner. Although Wall Street institutions lost a small amount of money, they avoided the expansion of losses, which is an acceptable result for both sides.</p><p><b>/Who is the real mastermind behind the \"Demon Nickel War\"? /</b></p><p>When the incident happened in early March, someone pressed the calculator and said that Tsingshan Group might lose 8 billion to 12 billion dollars at that time, equivalent to hundreds of billions of RMB. Short-squeezing such a large amount of funds will inevitably involve a lot of funds.</p><p>At that time, some people suspected that commodity giant Glencore was behind the scenes in order to obtain Tsingshan's 60% stake in Indonesian nickel mines. Founded in 1974, Glencore is the largest company in Switzerland, with an operating income of US $215.11 billion. Its business scope covers the supply of mineral products, energy products and agricultural products.</p><p>But it is impossible for Glencore to spend so much money by itself. There must be a team behind it. Judging from the current situation, at least now, JPMorgan Chase and Elliott, two \"wolves from Wall Street\", have been forced out.</p><p>In April, JPMorgan Chase sold it out in its first-quarter earnings report, which showed a loss of $120 million in nickel-related businesses.</p><p>Except for participating in the \"demon nickel short squeeze\" incident in March, it is difficult to have any other reason to be convincing that the veteran Wall Street investment banks lost hundreds of millions of dollars on a single futures commodity in the first quarter. Afterwards, relevant information also proved that it was the largest counterparty of Tsingshan Group's large short positions.</p><p>Three months ago, of Tsingshan's more than 150,000 tons of nickel short positions, about 50,000 tons were held through JPMorgan Chase's over-the-counter positions. At that time, Tsingshan Holding Group once owed JPMorgan Chase about US $1 billion in margin. In just three months, JPMorgan Chase fell into the quagmire of losses of $120 million.</p><p>With such a big hole in finance, the person in charge has to say something.</p><p>Jamie Dimon, CEO of JPMorgan Chase, said reluctantly: \"We had a bit of a loss this quarter, and we will try to tide over it. We will analyze what we have done wrong and what different measures can be taken afterwards.\"</p><p>This sentence is very official, but it has two meanings:</p><p>First, they are doing things for customers. JPMorgan Chase lost money, and so did their customers. As for who the customer is, whether it is Glencore or not, it is not said. Second, they have reservations about Lunjin Institute's behavior of \"unplugging the network cable\", and maybe they have to \"take measures\". It's hard to say what measures JPMorgan Chase will take, but some people have already started to take action. They don't seem to give up and are still making their final struggles.</p><p><img src=\"https://static.tigerbbs.com/373adb34449d811ea165e417eea1bae6\" tg-width=\"1080\" tg-height=\"634\" referrerpolicy=\"no-referrer\"/></p><p>▲ Source/vision china</p><p>According to the announcement issued by the Hong Kong Stock Exchange on June 6, on June 1, the well-known American investment company \"Elliott Management Company\" attacked them, arguing that the Lonkin Exchange \"cancelled the transaction after 00:00 UK time on March 8, 2022. The behavior is illegal.\"</p><p>Elliott's two hedge funds sued the Hong Kong Stock Exchange, its subsidiary LME and its clearing company LME Clear Limite to the British High Court, preparing to claim about US $456 million, or about 3 billion yuan.</p><p><img src=\"https://static.tigerbbs.com/9692a7e3296316fcd1fde0c491252117\" tg-width=\"640\" tg-height=\"712\" referrerpolicy=\"no-referrer\"/></p><p>Elliott Management Company was founded in 1977, and its fund management scale will exceed US $51.5 billion by the end of 2021. It is a veritable wolf of Wall Street and is known for its tough, aggressive, and ruthless investment style.</p><p>Just how fierce is Elliot? It can make a country uneasy.</p><p>At the end of 2000, Argentina was in turmoil, with five consecutive presidents changing in half a month, and its foreign debt of up to 150 billion U.S. dollars was unable to repay. Just as other financial institutions avoided it in time, Elliott spent $617 million to bargain-hunting Argentine Treasury Bond.</p><p>In the following nine years, Argentina proposed a debt restructuring plan in order to revive the economy. The creditors headed by Elliott ruthlessly refused twice and took Argentina to the American court. I can't imagine how ruthless this move is. It can be compared to the current creditors who disagree with Evergrande's restructuring. What will happen to Evergrande?</p><p>On June 16, 2017, the U.S. Supreme Court finally ruled against Argentina. Argentina tearfully took out $2.28 billion to settle. This single Elliott earned 3.7 times, but every penny was the hard-earned money of the Argentine people.</p><p>As for how many Wall Street capital institutions are involved in this matter, it is still unclear. If Elliott can win the lawsuit with HKEx, it may be possible to see. Because when \"dividing the meat\", the wolves on Wall Street will be willing to go out.</p><p><b>/\"China's Nickel King\" pinches Musks' fate? /</b></p><p>According to national business daily, relevant personnel of Glencore said in response to whether they were involved in the matter, \"The above statement is total nonsense.\"</p><p>However, the report also pointed out that some insiders believe that Glencore is an indirect participant in this wave of market even if it is not directly involved. The reason why the market speculates this is that the competition for metal nickel has entered a fierce stage on a global scale.</p><p>Nickel is one of the important raw materials for manufacturing new energy ternary lithium batteries, accounting for nearly 30% of the total battery cost. If it is a high-nickel and ultra-high-nickel battery, the proportion will be even higher. However, nickel is unevenly distributed all over the world, making it difficult to mine.</p><p>\"Nickel anxiety\" is a common problem among new energy vehicle bosses. Even Tesla CEO Musk said that the shortage of nickel raw materials is the biggest obstacle to the production of electric vehicle batteries.</p><p>Data show that from March 2021 to March 2022, the nickel inventory of Lunjin Exchange continued to decline, with a drop of nearly 70%. The main reason is that nickel delivery products are bought in large quantities for the manufacture of new energy batteries. It is estimated that the nickel gap from 2023 to 2025 will be-25,600 tons,-27,900 tons, and-65,300 tons respectively.</p><p><img src=\"https://static.tigerbbs.com/4245aa1e37a9a023ca6069abaa0dccba\" tg-width=\"1080\" tg-height=\"631\" referrerpolicy=\"no-referrer\"/></p><p>Isn't this just God feeding Xiang Guangda with a rice bowl?</p><p>Xiang Guangda was born in an ordinary worker's family in Shacheng Town, Longwan, Wenzhou in 1958. After graduation, he worked in a state-owned enterprise for eight years and became the workshop director.</p><p>In 1988, Xiang Guangda was ready to \"stand at thirty\". He gave up the \"iron rice bowl\" that everyone envied at that time, and jointly founded \"Zhejiang Ouhai Automobile Door and Window Manufacturing Company\" with Zhang Jimin and other relatives.</p><p>Because of his emphasis on research and development, Xiang Guangda's automobile doors and windows business is very good. At the end of 1993, he jointly developed automobile rim steel with a Chinese automobile wheel factory, and invested 24 million yuan to establish \"Zhejiang Fengye Special-shaped Steel Company\". In 1995, the company was reorganized and \"Zhejiang Fengye Group Co., Ltd.\" was established, officially entering the stainless steel industry.</p><p><img src=\"https://static.tigerbbs.com/1739f693edc5047788bfff78b4944285\" tg-width=\"400\" tg-height=\"288\" referrerpolicy=\"no-referrer\"/></p><p>After 2005, the entire steel industry entered a destocking cycle. Xiang Guangda realized that if it didn't change, the enterprise would sooner or later be submerged in the torrent of stainless steel enterprises.</p><p>Xiang Guangda invested 10 billion yuan in the research and development of new technologies, took the lead in introducing the internationally advanced rotary kiln-submerged furnace (RKEF) smelting process, and led a team to develop the new technology of RKEF-AOD furnace dual method, which reduced the total energy consumption of stainless steel smelting. It was cut by 50% and saved 800 yuan per ton.</p><p>\"60%-70% of stainless steel is nickel, so who produces nickel? It is produced by foreigners, but we don't produce it ourselves.\" Xiang Guangda put the production of \"nickel\" on the agenda again.</p><p>During the financial crisis in 2008, Xiang Guangda took the opportunity to acquire the Indonesian nickel mine with the highest nickel reserves in the world. Tsingshan Holdings and Indonesia Eight Star Investment Co., Ltd. jointly established Sulawesi Mining Investment Co., Ltd., and obtained the mining right of laterite nickel mine with an area of 47,000 hectares.</p><p>The mining park was quickly established, and in February 2010, nickel produced abroad by a Chinese company for the first time was successfully shipped back to China. Tsingshan Holding Group has conquered the technology of purifying high matte nickel with laterite nickel ore. After the operation, Xiang Guangda has opened up the upstream and downstream of nickel production.</p><p>With \"nickel\" in hand, there is no need to worry about stainless steel. Tsingshan Holding Group has more than ten stainless steel subsidiaries. From 2009 to 2019, Tsingshan Holding's stainless steel output increased from one million tons to tens of millions of tons, and its sales increased from tens of billions to more than 200 billion yuan. At present, it has secured the throne of the world's largest stainless steel manufacturer.</p><p>Xiang Guangda has also become a frequent visitor at the local government enterprise symposium.</p><p><img src=\"https://static.tigerbbs.com/c46ceaa170e4d055c8235a32992a6dfb\" tg-width=\"618\" tg-height=\"453\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>In 2021, the total revenue of Tsingshan Holding Group will reach 292.892 billion, ranking 279th among the world's top 500 companies. Tianyancha shows that Xiang Guangda holds 48.45% of the equity of Tsingshan Holding Group through various channels and is the actual controller of the group.</p><p><img src=\"https://static.tigerbbs.com/684284868a43986c93078ec1487797ce\" tg-width=\"507\" tg-height=\"760\" referrerpolicy=\"no-referrer\"/></p><p>▲ Tsingshan Holdings Equity Structure/Screenshot of Tianyancha</p><p>In recent years, the new energy industry has gradually emerged, especially after 2020, new energy has become the hottest track at the moment. The market value of A-share CATL and BYD has exceeded one trillion yuan, and the market value of Tesla even exceeds the combined market value of several established auto companies.</p><p>The new energy industry is short of nickel, and Xiang Guangda has a lot of it. Tsingshan Holdings' nickel output will be 600,000 tons in 2021, reach 850,000 tons in 2022, accounting for 30% of the global total, and will reach 1.1 million tons in 2023.</p><p>Holding nearly 30% of the world's nickel production, it can be said that Xiang Guangda is a proper \"king of nickel\" and has also pinched the life gate of the new energy automobile industry to death.</p><p>If you are not satisfied, you just \"work\" for new energy vehicles. At present, Tsingshan Group has joined hands with Xugong Group to enter the new energy vehicle industry.</p><p>It's just that there are many people who are popular, and pigs on the tuyere are also the easiest targets to be attacked. Xiang Guangda, who survived this \"robbery\" safely, still needs to be careful. He has too much \"nickel\" in his hand, which is too tempting.</p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Wenzhou's richest man fought Wall Street, JPMorgan Chase lost 800 million</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWenzhou's richest man fought Wall Street, JPMorgan Chase lost 800 million\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/63\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/01a8ace21e1041b4bb972ca835e331c7);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">金融八卦女频道 </p>\n<p class=\"h-time smaller\">2022-07-04 14:52</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>This time Wall Street miscalculated. In the financial field, Wall Street is still the best in the world, but their opponents are not without progress. Through years of hard work, Chinese enterprises have gained rich market experience and rich capital. When they are pressed on the ground and beaten by others, they still have the ability to fight back. After more than three months, the \"Demon Nickel Short Squeeze War\" known to all people on earth has finally come to an end:</p><p>Xiang Guangda, the richest man in Wenzhou, and his Tsingshan Group escaped unscathed, and Wall Street giant JPMorgan Chase cut its meat and lost 120 million US dollars (about 800 million yuan).</p><p><img src=\"https://static.tigerbbs.com/ed3f5a82dbe41eeb1131b5fe7f4f8e37\" tg-width=\"693\" tg-height=\"442\" referrerpolicy=\"no-referrer\"/></p><p>▲ Xiang Guangda, the actual controller of Tsingshan Holdings/Source: Internet</p><p>According to news on June 29, Tsingshan Holding Group safely withdrew from most of its short nickel positions on the London Metal Exchange (LME). The size of positions has been reduced to about 30,000 tons, far lower than the peak of over 150,000 tons at the time of the incident, and these positions are not held through JPMorgan Chase.</p><p>This is probably the result of negotiations between the two parties. Tsingshan Group left dignity for Wall Street bosses. Otherwise, according to the situation at that time, 120 million US dollars was far from enough.</p><p>Friends who are concerned about this matter may still be \"confused\". Isn't the legendary mastermind behind the scenes the Swiss commodity giant \"Glencore\"? Why did JPMorgan Chase lose money in the end?</p><p>What exactly happened in these three months?</p><p><b>/Qingshan counterkills, Wall Street miscalculates/</b></p><p>Briefly sort out the entire process of the Lunni incident:</p><p>On March 7, 2022, Lunni futures soared from US $29,000/ton to US $55,000/ton, a 15-year high.</p><p>On March 8, Lunni futures rose straight from US $60,000/ton to US $100,000/ton, and the entire process took no more than one hour.</p><p>At 8:15 on March 8 (UK time), Lunkin Exchange suspended all nickel contract trading and canceled trading after 0:00 on March 8, commonly known as \"unplugging the network cable\".</p><p>On March 9, Xiang Guangda admitted that he had been squeezed short by foreign capital and had obtained sufficient spot goods through various channels.</p><p>On March 15, Tsingshan Group stated that it had reached a \"silent agreement\" with a syndicate of futures bank creditors. During this period, Tsingshan's positions will not be closed, and Tsingshan Group will reduce its positions thereafter.</p><p>On March 16, nickel trading at Lunjin Exchange resumed.</p><p>On June 29, Tsingshan Group withdrew from most of its short nickel positions in Lunjin, and the incident ended.</p><p>After reading this, people who don't know the details will still have questions, why is Tsingshan Group targeted by Wall Street capital?</p><p>I really can't blame Wall Street Capital. Tsingshan Group has cultivated itself into \"Tang Monk Meat\", who doesn't want to eat it.</p><p>Tsingshan Group has three fatal loopholes in this matter:</p><p>1. The nickel produced by Tsingshan Group is different from the delivery products traded by Lunjin Exchange. The product delivered by Lunjin Exchange is electrolytic nickel with a purity of more than 99.8%, while the nickel produced by Tsingshan Group is only about 70% high matte nickel and ferronickel with a content of about 10%. 2. There is a problem with the hedging operation of Tsingshan Group. At that time, it bought 200,000 tons of short futures orders, but the entire nickel inventory of Lunjin Exchange was only 80,000 tons. That is to say, even if it bought all the nickel of Lunjin Exchange, it could not make up half of its short futures orders. 3. Usually, when Tsingshan Group meets the delivery period, it will buy nickel with Russia to close its position. The conflict between Russia and Ukraine led to a reversal of market logic, and Russian nickel was embargoed. Tsingshan Group did not respond to this news in time. To sum up, although Tsingshan Group has a rich family, it has played all its good cards at this card table, with only \"1 to 3\" in its hand, and others can't afford to play any cards. In this situation, how could Wall Street capital, which was born bloodthirsty, let go of this seemingly \"must-win\" hunt? It's not like Wall Street hasn't done this before.</p><p>Therefore, Wall Street Capital quickly raised the price of nickel futures on March 7 and March 8, quickly raising something from 20,000 to 30,000 US dollars to 100,000 US dollars, incidentally breaking the \"highest price fluctuation of any kind of asset\" record. \"</p><p>The situation at that time was that Tsingshan Group would have to lose hundreds of billions if it could not ship goods, and if it had no money, it would have to sell Indonesian nickel ore. The new energy industry chain that Chinese companies have worked so hard to build might be severely hit.</p><p>This time Wall Street miscalculated. In the financial field, Wall Street is still the best in the world, but their opponents are not without progress. Through years of hard work, Chinese enterprises have gained rich market experience and rich capital. When they are pressed on the ground and beaten by others, they still have the ability to fight back.</p><p>Although we didn't know who started it at that time, on March 9th, Qingshan Group's counterattack began. Tsingshan Holdings responded that it will replace domestic metal nickel plates with its high matte nickel, which has been allocated to sufficient spot for delivery through various channels.</p><p>Judging from the gossip, several large enterprises in the industry participated in this replacement at that time, which can be described as united as one. Xiang Guangda's original words were: \"After receiving many phone calls, relevant state departments and leaders are very supportive of Qingshan.\"</p><p><img src=\"https://static.tigerbbs.com/5c59e434fbd20c251852e2cf114ed5ca\" tg-width=\"509\" tg-height=\"227\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/ccda0030b524a1d6ae7153f6bcfe1ae9\" tg-width=\"494\" tg-height=\"202\" referrerpolicy=\"no-referrer\"/></p><p>So, why didn't the final result be that Tsingshan Group took out 200,000 tons of nickel delivery products and handed them over to Wall Street takeovers, leaving them with nowhere to store the goods. In the end, they could only sell them at a low price and lose tens of billions of dollars?</p><p>Collecting 200,000 tons of nickel delivery products can certainly solve the urgent need, but what should domestic companies do if so much nickel is handed over? Do all companies stop production and wait for a few months before new nickel is produced before resuming production?</p><p>Doing so, of course, is very relieving, but the price paid is too great.</p><p>As a mature entrepreneur, Xiang Guangda negotiated with his opponents from March 9th to March 15th with the confidence that he could produce 200,000 tons of delivery products, and finally reached a \"silent agreement\".</p><p>Judging from the news on June 29, Tsingshan Group reduced its short position to turn the corner. Although Wall Street institutions lost a small amount of money, they avoided the expansion of losses, which is an acceptable result for both sides.</p><p><b>/Who is the real mastermind behind the \"Demon Nickel War\"? /</b></p><p>When the incident happened in early March, someone pressed the calculator and said that Tsingshan Group might lose 8 billion to 12 billion dollars at that time, equivalent to hundreds of billions of RMB. Short-squeezing such a large amount of funds will inevitably involve a lot of funds.</p><p>At that time, some people suspected that commodity giant Glencore was behind the scenes in order to obtain Tsingshan's 60% stake in Indonesian nickel mines. Founded in 1974, Glencore is the largest company in Switzerland, with an operating income of US $215.11 billion. Its business scope covers the supply of mineral products, energy products and agricultural products.</p><p>But it is impossible for Glencore to spend so much money by itself. There must be a team behind it. Judging from the current situation, at least now, JPMorgan Chase and Elliott, two \"wolves from Wall Street\", have been forced out.</p><p>In April, JPMorgan Chase sold it out in its first-quarter earnings report, which showed a loss of $120 million in nickel-related businesses.</p><p>Except for participating in the \"demon nickel short squeeze\" incident in March, it is difficult to have any other reason to be convincing that the veteran Wall Street investment banks lost hundreds of millions of dollars on a single futures commodity in the first quarter. Afterwards, relevant information also proved that it was the largest counterparty of Tsingshan Group's large short positions.</p><p>Three months ago, of Tsingshan's more than 150,000 tons of nickel short positions, about 50,000 tons were held through JPMorgan Chase's over-the-counter positions. At that time, Tsingshan Holding Group once owed JPMorgan Chase about US $1 billion in margin. In just three months, JPMorgan Chase fell into the quagmire of losses of $120 million.</p><p>With such a big hole in finance, the person in charge has to say something.</p><p>Jamie Dimon, CEO of JPMorgan Chase, said reluctantly: \"We had a bit of a loss this quarter, and we will try to tide over it. We will analyze what we have done wrong and what different measures can be taken afterwards.\"</p><p>This sentence is very official, but it has two meanings:</p><p>First, they are doing things for customers. JPMorgan Chase lost money, and so did their customers. As for who the customer is, whether it is Glencore or not, it is not said. Second, they have reservations about Lunjin Institute's behavior of \"unplugging the network cable\", and maybe they have to \"take measures\". It's hard to say what measures JPMorgan Chase will take, but some people have already started to take action. They don't seem to give up and are still making their final struggles.</p><p><img src=\"https://static.tigerbbs.com/373adb34449d811ea165e417eea1bae6\" tg-width=\"1080\" tg-height=\"634\" referrerpolicy=\"no-referrer\"/></p><p>▲ Source/vision china</p><p>According to the announcement issued by the Hong Kong Stock Exchange on June 6, on June 1, the well-known American investment company \"Elliott Management Company\" attacked them, arguing that the Lonkin Exchange \"cancelled the transaction after 00:00 UK time on March 8, 2022. The behavior is illegal.\"</p><p>Elliott's two hedge funds sued the Hong Kong Stock Exchange, its subsidiary LME and its clearing company LME Clear Limite to the British High Court, preparing to claim about US $456 million, or about 3 billion yuan.</p><p><img src=\"https://static.tigerbbs.com/9692a7e3296316fcd1fde0c491252117\" tg-width=\"640\" tg-height=\"712\" referrerpolicy=\"no-referrer\"/></p><p>Elliott Management Company was founded in 1977, and its fund management scale will exceed US $51.5 billion by the end of 2021. It is a veritable wolf of Wall Street and is known for its tough, aggressive, and ruthless investment style.</p><p>Just how fierce is Elliot? It can make a country uneasy.</p><p>At the end of 2000, Argentina was in turmoil, with five consecutive presidents changing in half a month, and its foreign debt of up to 150 billion U.S. dollars was unable to repay. Just as other financial institutions avoided it in time, Elliott spent $617 million to bargain-hunting Argentine Treasury Bond.</p><p>In the following nine years, Argentina proposed a debt restructuring plan in order to revive the economy. The creditors headed by Elliott ruthlessly refused twice and took Argentina to the American court. I can't imagine how ruthless this move is. It can be compared to the current creditors who disagree with Evergrande's restructuring. What will happen to Evergrande?</p><p>On June 16, 2017, the U.S. Supreme Court finally ruled against Argentina. Argentina tearfully took out $2.28 billion to settle. This single Elliott earned 3.7 times, but every penny was the hard-earned money of the Argentine people.</p><p>As for how many Wall Street capital institutions are involved in this matter, it is still unclear. If Elliott can win the lawsuit with HKEx, it may be possible to see. Because when \"dividing the meat\", the wolves on Wall Street will be willing to go out.</p><p><b>/\"China's Nickel King\" pinches Musks' fate? /</b></p><p>According to national business daily, relevant personnel of Glencore said in response to whether they were involved in the matter, \"The above statement is total nonsense.\"</p><p>However, the report also pointed out that some insiders believe that Glencore is an indirect participant in this wave of market even if it is not directly involved. The reason why the market speculates this is that the competition for metal nickel has entered a fierce stage on a global scale.</p><p>Nickel is one of the important raw materials for manufacturing new energy ternary lithium batteries, accounting for nearly 30% of the total battery cost. If it is a high-nickel and ultra-high-nickel battery, the proportion will be even higher. However, nickel is unevenly distributed all over the world, making it difficult to mine.</p><p>\"Nickel anxiety\" is a common problem among new energy vehicle bosses. Even Tesla CEO Musk said that the shortage of nickel raw materials is the biggest obstacle to the production of electric vehicle batteries.</p><p>Data show that from March 2021 to March 2022, the nickel inventory of Lunjin Exchange continued to decline, with a drop of nearly 70%. The main reason is that nickel delivery products are bought in large quantities for the manufacture of new energy batteries. It is estimated that the nickel gap from 2023 to 2025 will be-25,600 tons,-27,900 tons, and-65,300 tons respectively.</p><p><img src=\"https://static.tigerbbs.com/4245aa1e37a9a023ca6069abaa0dccba\" tg-width=\"1080\" tg-height=\"631\" referrerpolicy=\"no-referrer\"/></p><p>Isn't this just God feeding Xiang Guangda with a rice bowl?</p><p>Xiang Guangda was born in an ordinary worker's family in Shacheng Town, Longwan, Wenzhou in 1958. After graduation, he worked in a state-owned enterprise for eight years and became the workshop director.</p><p>In 1988, Xiang Guangda was ready to \"stand at thirty\". He gave up the \"iron rice bowl\" that everyone envied at that time, and jointly founded \"Zhejiang Ouhai Automobile Door and Window Manufacturing Company\" with Zhang Jimin and other relatives.</p><p>Because of his emphasis on research and development, Xiang Guangda's automobile doors and windows business is very good. At the end of 1993, he jointly developed automobile rim steel with a Chinese automobile wheel factory, and invested 24 million yuan to establish \"Zhejiang Fengye Special-shaped Steel Company\". In 1995, the company was reorganized and \"Zhejiang Fengye Group Co., Ltd.\" was established, officially entering the stainless steel industry.</p><p><img src=\"https://static.tigerbbs.com/1739f693edc5047788bfff78b4944285\" tg-width=\"400\" tg-height=\"288\" referrerpolicy=\"no-referrer\"/></p><p>After 2005, the entire steel industry entered a destocking cycle. Xiang Guangda realized that if it didn't change, the enterprise would sooner or later be submerged in the torrent of stainless steel enterprises.</p><p>Xiang Guangda invested 10 billion yuan in the research and development of new technologies, took the lead in introducing the internationally advanced rotary kiln-submerged furnace (RKEF) smelting process, and led a team to develop the new technology of RKEF-AOD furnace dual method, which reduced the total energy consumption of stainless steel smelting. It was cut by 50% and saved 800 yuan per ton.</p><p>\"60%-70% of stainless steel is nickel, so who produces nickel? It is produced by foreigners, but we don't produce it ourselves.\" Xiang Guangda put the production of \"nickel\" on the agenda again.</p><p>During the financial crisis in 2008, Xiang Guangda took the opportunity to acquire the Indonesian nickel mine with the highest nickel reserves in the world. Tsingshan Holdings and Indonesia Eight Star Investment Co., Ltd. jointly established Sulawesi Mining Investment Co., Ltd., and obtained the mining right of laterite nickel mine with an area of 47,000 hectares.</p><p>The mining park was quickly established, and in February 2010, nickel produced abroad by a Chinese company for the first time was successfully shipped back to China. Tsingshan Holding Group has conquered the technology of purifying high matte nickel with laterite nickel ore. After the operation, Xiang Guangda has opened up the upstream and downstream of nickel production.</p><p>With \"nickel\" in hand, there is no need to worry about stainless steel. Tsingshan Holding Group has more than ten stainless steel subsidiaries. From 2009 to 2019, Tsingshan Holding's stainless steel output increased from one million tons to tens of millions of tons, and its sales increased from tens of billions to more than 200 billion yuan. At present, it has secured the throne of the world's largest stainless steel manufacturer.</p><p>Xiang Guangda has also become a frequent visitor at the local government enterprise symposium.</p><p><img src=\"https://static.tigerbbs.com/c46ceaa170e4d055c8235a32992a6dfb\" tg-width=\"618\" tg-height=\"453\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>In 2021, the total revenue of Tsingshan Holding Group will reach 292.892 billion, ranking 279th among the world's top 500 companies. Tianyancha shows that Xiang Guangda holds 48.45% of the equity of Tsingshan Holding Group through various channels and is the actual controller of the group.</p><p><img src=\"https://static.tigerbbs.com/684284868a43986c93078ec1487797ce\" tg-width=\"507\" tg-height=\"760\" referrerpolicy=\"no-referrer\"/></p><p>▲ Tsingshan Holdings Equity Structure/Screenshot of Tianyancha</p><p>In recent years, the new energy industry has gradually emerged, especially after 2020, new energy has become the hottest track at the moment. The market value of A-share CATL and BYD has exceeded one trillion yuan, and the market value of Tesla even exceeds the combined market value of several established auto companies.</p><p>The new energy industry is short of nickel, and Xiang Guangda has a lot of it. Tsingshan Holdings' nickel output will be 600,000 tons in 2021, reach 850,000 tons in 2022, accounting for 30% of the global total, and will reach 1.1 million tons in 2023.</p><p>Holding nearly 30% of the world's nickel production, it can be said that Xiang Guangda is a proper \"king of nickel\" and has also pinched the life gate of the new energy automobile industry to death.</p><p>If you are not satisfied, you just \"work\" for new energy vehicles. At present, Tsingshan Group has joined hands with Xugong Group to enter the new energy vehicle industry.</p><p>It's just that there are many people who are popular, and pigs on the tuyere are also the easiest targets to be attacked. Xiang Guangda, who survived this \"robbery\" safely, still needs to be careful. He has too much \"nickel\" in his hand, which is too tempting.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ed3f5a82dbe41eeb1131b5fe7f4f8e37","relate_stocks":{},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1128701140","content_text":"这次华尔街失算了，金融领域华尔街还是天下第一，但他们的对手也不是没有长进。中国企业通过多年的努力，已经获得了丰富的市场经验和丰厚的资本，被别人摁在地上暴打时，还是有能力反击的。时隔三个多月，全地球人都知道的“妖镍逼空大战”，终于告一段落：温州首富项光达和他的青山集团全身而退，华尔街巨头摩根大通割肉出局，亏了1.2亿美金（约8亿人民币）。▲青山控股实控人项光达/图源：网络6月29日消息，青山控股集团安全退出了伦敦金属交易所（LME）的大部分镍空头头寸。持仓规模已经缩减至3万吨左右，远低于事发时的超15万吨的峰值，且这些头寸都不是通过摩根大通持有。这很可能是双方协商的结果，青山集团给华尔街大佬留了体面，否则根据当时的情况，1.2亿美金是远远不够的。关注这个事情的朋友可能还“懵着”，传说中的幕后黑手不是瑞士大宗商品巨鳄“嘉能可”吗，怎么最后亏损的是摩根大通？这三个月到底发生了什么？/青山反杀，华尔街失算/简单梳理一下伦镍事件的整个过程：2022年3月7日伦镍期货从2.9万美元/吨，飙涨到5.5万美元/吨，创15年内新高。3月8日伦镍期货从6万美元/吨直线拉升到10万美元/吨，整个过程不超过1小时。3月8日8时15分（英国时间），伦金所暂停所有镍合约的交易，并取消3月8日0点之后的交易，俗称“拔网线”。3月9日，项光达承认被外国资本逼空，已通过多种渠道获得充足现货。3月15日，青山集团表示与期货银行债权人组成的银团达成“静默协议”。期间不会对青山的持仓进行平仓，此后青山集团会减少持仓。3月16日，伦金所镍交易恢复。6月29日，青山集团退出了伦金所的大部分镍空头头寸，事件结束。读到这里，不了解其中细节的人还会有疑问，为什么是青山集团被华尔街资本盯上了呢？还真不能怪华尔街资本，青山集团把自己养成“唐僧肉”，谁不想吃呢。青山集团在此事上有三大致命漏洞：1、青山集团生产的镍，与伦金所交易的交割品不一样。伦金所交割品是纯度高达99.8%以上的电解镍，而青山集团生产的镍只有70%左右高冰镍和含量10%左右的镍铁。2、青山集团的对冲操作有问题。当时它买了20万吨期货空单，但整个伦金所镍库存只有8万吨，也就是说把伦金所的镍都买了，也凑不齐它期货空单的一半。3、平常青山集团遇到交割期，会跟俄罗斯买镍平仓。俄乌冲突导致市场逻辑逆转，俄罗斯的镍被禁运，青山集团没有及时对这一消息有所反应。综上，青山集团虽然家底丰厚，但在这张牌桌上，它把好牌都出了，手里只有“1对3”，别人出什么牌都要不起。遇到这种情况，天生嗜血的华尔街资本，怎么可能放过这场看似“必赢”的围猎。华尔街以前也不是没干过这种事。所以，华尔街资本于3月7日、3月8日两日快速拉升镍期货价格，将两三万美金的东西快速拉升到10万美金，顺带破了“任何一种资产价格波动的最高纪录。”当时的情况就是，青山集团拿不出货就得赔钱上千亿，没钱就得卖印尼的镍矿，中国企业辛辛苦苦建立的新能源产业链，恐将遭到狠狠一棒槌。这次华尔街失算了，金融领域华尔街还是天下第一，但他们的对手也不是没有长进。中国企业通过多年的努力，已经获得了丰富的市场经验和丰厚的资本，被别人摁在地上暴打时，还是有能力反击的。虽然当时还不知道谁下手的，但3月9日，青山集团的反杀就开始了。青山控股回应称，将用旗下高冰镍置换国内金属镍板，已通过多种渠道调配到充足现货进行交割。从小道消息来看，当时业内好几家大型企业都参与到了此次的置换，可谓是众志成城。项光达的原话是：“接到很多电话，国家有关部门和领导对青山都很支持。”那么，最后的结果为什么不是青山集团拿出20万吨镍交割品，交给华尔街接盘侠，让他们拿货无处存放，最后只能低价出售，赔上百亿美金呢？凑了20万吨镍交割品固然能够解决燃眉之急，但这么多镍交出去，国内企业该怎么办？难道所有企业都停止生产，等上几个月，新镍生产出来再恢复生产？这么做，固然很解气，付出的代价也太大了。项光达作为成熟的企业家，3月9日到3月15日，他在能拿出20万吨交割品的底气下，同对手进行了谈判，最终达成了“静默协议”。从6月29日的消息来看，青山集团缩减了空头头寸让自己转危为安，华尔街机构虽然赔了点小钱，但避免了损失扩大化，算是两边都能接受的结果。/谁是“妖镍大战”真正的幕后黑手？/3月初事件发生时，有人按过计算器，说当时青山集团可能亏损80亿到120亿美金，折合人民币上千亿。逼空这么大体量资金，涉及的资金必然不会少。当时有人怀疑大宗商品巨头嘉能可是幕后黑手，目的是为了拿到青山在印尼镍矿60%的股权。嘉能可成立于1974年，是瑞士最大的企业，营业收入高达2151.1亿美元，经营范围覆盖矿产品、能源产品和农产品的供应。但嘉能可不可能自己拿出这么多钱，背后一定有团队。从目前的情况看，至少现在已经逼出来摩根大通和埃利奥特这两头“来自华尔街的狼”。4月，摩根大通第一季财报早就出卖了它，财报显示与镍相关的业务出现了1.2亿美元的亏损。能让华尔街老牌投行一季度在单一期货商品上大亏上亿美元，除了参与了3月的“妖镍逼空”事件，很难有别的理由让人信服。事后相关信息也证明，它是青山集团大量空头头寸的最大交易对手方。而三个月前，在青山逾15万吨的镍空头头寸中，约有5万吨是通过摩根大通场外头寸持有，当时青山控股集团一度欠摩根大通约10亿美元保证金。短短三个月间，摩根大通便陷入了1.2亿美元亏损的泥潭。财务上出了这么大窟窿，负责人总得说点什么吧。摩根大通首席执行官杰米·戴蒙（Jamie Dimon）不情愿地说：“我们本季度有一点亏损，我们会设法渡过难关的。我们会对自己做错了什么，以及伦金所之后可以采取哪些不同措施进行事后分析。”这句话说的很官方，但细品有两重意思：一，他们是在帮客户做事，摩根大通亏了，他们的客户也亏了。至于客户是谁，是不是嘉能可，并没说。二，他们对伦金所“拔网线”的行为是有保留意见的，说不定还得“采取措施”。摩根大通会采取什么措施不好说，但有人已经开始行动了，他们似乎并不认输，还在做最后的挣扎。▲图源/视觉中国根据港交所6月6日发布的公告，6月1日美国著名投资公司“埃利奥特管理公司”向他们发难，认为伦金所“取消2022年3月8日英国时间00：00之后交易的行为不合法。”埃利奥特旗下两只对冲基金将港交所和其子公司伦金所（LME）及其清算公司LME Clear Limite告上英国高等法院，准备索赔约4.56亿美元，约30亿人民币。埃利奥特管理公司成立于1977年，2021年底基金管理规模超515亿美元，它是名副其实的华尔街之狼，以强硬、激进、狠辣的投资风格闻名。埃利奥特到底有多凶狠？它能让一个国家不得安生。2000年底，阿根廷动荡不安，半个月连续换了5任总统，高达1500亿美元的外债无力偿还。正当其他金融机构避之不及时，埃利奥特用6.17亿美元抄底阿根廷国债。此后9年时间里，阿根廷为了重振经济提出债务重组方案，埃利奥特为首的债权人2次无情拒绝，还将阿根廷告上美国法庭。想象不到这招有多狠，可以类比现在债权人不同意恒大重组，恒大会怎样。2017年6月16日，美国最高法院最终判决阿根廷败诉。阿根廷含泪拿出了22.8亿美元和解，这一单埃利奥特赚了3.7倍，但每一分钱都是阿根廷人民的血汗钱。至于到底有多少华尔街的资本机构参与此事，目前还不明确。如果埃利奥特能从与港交所的官司中获胜，或许有可能看到。因为“分肉”的时候，华尔街的狼才会愿意倾巢出动。/“中国镍王”捏住马斯克们命门？ /据《每日经济新闻》报道，嘉能可相关人员在回复是否参与此事时表示，“上述这种说法完全是胡说八道（total nonsense）。”但报道中也同时指出有行内人员认为嘉能可即使没有直接参与，也是这一波行情的间接参与者。市场之所以这样猜测，是因为在全球范围内，对于金属镍的争夺已经进入白热化的阶段。镍是制造新能源三元锂电池的重要原材料之一，在电池总成本中占比将近30%，如果是高镍、超高镍电池这个比例还将更高。但镍元素在全世界分布不均，开采难度大。“镍焦虑”是新能源汽车大佬的普遍问题，连特斯拉CEO马斯克都说，镍原料的短缺是影响电动车电池生产的最大障碍。数据显示，2021年3月至2022年3月，伦金所的镍库存持续下降，降幅接近70%。主要原因是镍交割品被大量买去用于制造新能源电池。预计2023年-2025年镍的缺口分别为-2.56万吨、-2.79万吨、-6.53万吨。这不就是老天爷端着饭碗给项光达喂饭吗？1958年项光达出生于温州龙湾沙城镇的一个普通工人家庭。毕业后在国企干了八年，还当上了车间主任。1988年，项光达准备“三十而立”，他放弃了当时人人羡慕的“铁饭碗”，联合张积敏等亲戚合伙创办了“浙江瓯海汽车门窗制造公司”。由于注重研发，项光达的汽车门窗生意很好。1993年底，他与中国一汽车轮厂联合开发汽车轮辋钢，并投资2400万元，成立“浙江丰业异型钢公司”。并于1995年改组公司，成立“浙江丰业集团有限公司”，正式进入不锈钢行业。2005年之后，整个钢铁行业进入去库存周期。项光达意识到，如果不改变，企业迟早淹没在不锈钢企业的洪流中。项光达拿出100亿投入研发新技术，率先引进国际先进的回转窑—矿热炉（RKEF）冶炼工艺，又带队研发出RKEF—AOD炉双联法新技术，把不锈钢冶炼的总能耗砍掉了50%，每吨成本节省800元。“不锈钢60%--70%都是镍，那镍是谁来生产的？是老外生产的，我们自己没有生产。”项光达又将生产“镍”提到了议事日程。2008年金融危机时，项光达趁机收购了全球镍储量最高的印尼镍矿。青山控股与印尼八星投资有限公司合资设立苏拉威西矿业投资有限公司，获得了面积为4.70万公顷的红土镍矿开采权。矿业园区很快建立，2010年2月，第一次由中国公司在国外生产的镍顺利装船回国。青山控股集团又攻克了用红土镍矿提纯高冰镍的技术，一通操作下来，项光达已经打通了镍生产的上下游。有“镍”在手，不锈钢不愁。青山控股集团旗下有十多家不锈钢类子公司，2009年至2019年，青山控股不锈钢产量从百万吨增至千万吨，销售额从几百亿增至2000多亿元，目前已经坐稳全球最大不锈钢生产企业的宝座。项光达也成为当地政府企业座谈会上的常客。2021年青山控股集团总营收高达2928.92亿，位列世界500强第279位。天眼查显示，项光达通过各种路径，占有青山控股集团的股权比例高达48.45%，是集团的实际控制人。▲青山控股股权结构/天眼查截图这些年，新能源产业逐步兴起，尤其是2020年之后，新能源成为当下最火的赛道，没有之一。A股的宁德时代、比亚迪市值破万亿，特斯拉的市值甚至超过几家老牌汽车公司市值总和。新能源行业缺镍，项光达手里有很多。青山控股2021年镍产量为60万吨，2022年将达到85万吨占到全球总量的30%，2023年更将达到110万吨。手握全球近30%的镍产量，可以说，项光达是妥妥的“镍之王”，也把新能源汽车行业的命门捏得死死的。不满足只是给新能源汽车“打工”，目前青山集团已携手徐工集团，入局新能源汽车产业。只是人红是非多，风口上的猪也是最容易被下手的对象。安然渡过这一“劫”的项光达，还是要小心，他手上的“镍”太多，太诱人了。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1959,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9047533648,"gmtCreate":1656940297584,"gmtModify":1676535918898,"author":{"id":"3578098715246654","authorId":"3578098715246654","name":"开洱文","avatar":"https://community-static.tradeup.com/news/e6a32c6dd5e85c5b3bf6c591b38391d6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578098715246654","idStr":"3578098715246654"},"themes":[],"htmlText":"6","listText":"6","text":"6","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9047533648","repostId":"1128701140","repostType":2,"repost":{"id":"1128701140","kind":"news","weMediaInfo":{"introduction":"有深度、有温度、有态度，在这里读懂财富。","home_visible":1,"media_name":"金融八卦女频道","id":"63","head_image":"https://static.tigerbbs.com/01a8ace21e1041b4bb972ca835e331c7"},"pubTimestamp":1656917579,"share":"https://ttm.financial/m/news/1128701140?lang=en_US&edition=fundamental","pubTime":"2022-07-04 14:52","market":"sh","language":"zh","title":"Wenzhou's richest man fought Wall Street, JPMorgan Chase lost 800 million","url":"https://stock-news.laohu8.com/highlight/detail?id=1128701140","media":"金融八卦女频道","summary":"这次华尔街失算了，金融领域华尔街还是天下第一，但他们的对手也不是没有长进。中国企业通过多年的努力，已经获得了丰富的市场经验和丰厚的资本，被别人摁在地上暴打时，还是有能力反击的。时隔三个多月，全地球人都","content":"<p><html><head></head><body>This time Wall Street miscalculated. In the financial field, Wall Street is still the best in the world, but their opponents are not without progress. Through years of hard work, Chinese enterprises have gained rich market experience and rich capital. When they are pressed on the ground and beaten by others, they still have the ability to fight back. After more than three months, the \"Demon Nickel Short Squeeze War\" known to all people on earth has finally come to an end:</p><p>Xiang Guangda, the richest man in Wenzhou, and his Tsingshan Group escaped unscathed, and Wall Street giant JPMorgan Chase cut its meat and lost 120 million US dollars (about 800 million yuan).</p><p><img src=\"https://static.tigerbbs.com/ed3f5a82dbe41eeb1131b5fe7f4f8e37\" tg-width=\"693\" tg-height=\"442\" referrerpolicy=\"no-referrer\"/></p><p>▲ Xiang Guangda, the actual controller of Tsingshan Holdings/Source: Internet</p><p>According to news on June 29, Tsingshan Holding Group safely withdrew from most of its short nickel positions on the London Metal Exchange (LME). The size of positions has been reduced to about 30,000 tons, far lower than the peak of over 150,000 tons at the time of the incident, and these positions are not held through JPMorgan Chase.</p><p>This is probably the result of negotiations between the two parties. Tsingshan Group left dignity for Wall Street bosses. Otherwise, according to the situation at that time, 120 million US dollars was far from enough.</p><p>Friends who are concerned about this matter may still be \"confused\". Isn't the legendary mastermind behind the scenes the Swiss commodity giant \"Glencore\"? Why did JPMorgan Chase lose money in the end?</p><p>What exactly happened in these three months?</p><p><b>/Qingshan counterkills, Wall Street miscalculates/</b></p><p>Briefly sort out the entire process of the Lunni incident:</p><p>On March 7, 2022, Lunni futures soared from US $29,000/ton to US $55,000/ton, a 15-year high.</p><p>On March 8, Lunni futures rose straight from US $60,000/ton to US $100,000/ton, and the entire process took no more than one hour.</p><p>At 8:15 on March 8 (UK time), Lunkin Exchange suspended all nickel contract trading and canceled trading after 0:00 on March 8, commonly known as \"unplugging the network cable\".</p><p>On March 9, Xiang Guangda admitted that he had been squeezed short by foreign capital and had obtained sufficient spot goods through various channels.</p><p>On March 15, Tsingshan Group stated that it had reached a \"silent agreement\" with a syndicate of futures bank creditors. During this period, Tsingshan's positions will not be closed, and Tsingshan Group will reduce its positions thereafter.</p><p>On March 16, nickel trading at Lunjin Exchange resumed.</p><p>On June 29, Tsingshan Group withdrew from most of its short nickel positions in Lunjin, and the incident ended.</p><p>After reading this, people who don't know the details will still have questions, why is Tsingshan Group targeted by Wall Street capital?</p><p>I really can't blame Wall Street Capital. Tsingshan Group has cultivated itself into \"Tang Monk Meat\", who doesn't want to eat it.</p><p>Tsingshan Group has three fatal loopholes in this matter:</p><p>1. The nickel produced by Tsingshan Group is different from the delivery products traded by Lunjin Exchange. The product delivered by Lunjin Exchange is electrolytic nickel with a purity of more than 99.8%, while the nickel produced by Tsingshan Group is only about 70% high matte nickel and ferronickel with a content of about 10%. 2. There is a problem with the hedging operation of Tsingshan Group. At that time, it bought 200,000 tons of short futures orders, but the entire nickel inventory of Lunjin Exchange was only 80,000 tons. That is to say, even if it bought all the nickel of Lunjin Exchange, it could not make up half of its short futures orders. 3. Usually, when Tsingshan Group meets the delivery period, it will buy nickel with Russia to close its position. The conflict between Russia and Ukraine led to a reversal of market logic, and Russian nickel was embargoed. Tsingshan Group did not respond to this news in time. To sum up, although Tsingshan Group has a rich family, it has played all its good cards at this card table, with only \"1 to 3\" in its hand, and others can't afford to play any cards. In this situation, how could Wall Street capital, which was born bloodthirsty, let go of this seemingly \"must-win\" hunt? It's not like Wall Street hasn't done this before.</p><p>Therefore, Wall Street Capital quickly raised the price of nickel futures on March 7 and March 8, quickly raising something from 20,000 to 30,000 US dollars to 100,000 US dollars, incidentally breaking the \"highest price fluctuation of any kind of asset\" record. \"</p><p>The situation at that time was that Tsingshan Group would have to lose hundreds of billions if it could not ship goods, and if it had no money, it would have to sell Indonesian nickel ore. The new energy industry chain that Chinese companies have worked so hard to build might be severely hit.</p><p>This time Wall Street miscalculated. In the financial field, Wall Street is still the best in the world, but their opponents are not without progress. Through years of hard work, Chinese enterprises have gained rich market experience and rich capital. When they are pressed on the ground and beaten by others, they still have the ability to fight back.</p><p>Although we didn't know who started it at that time, on March 9th, Qingshan Group's counterattack began. Tsingshan Holdings responded that it will replace domestic metal nickel plates with its high matte nickel, which has been allocated to sufficient spot for delivery through various channels.</p><p>Judging from the gossip, several large enterprises in the industry participated in this replacement at that time, which can be described as united as one. Xiang Guangda's original words were: \"After receiving many phone calls, relevant state departments and leaders are very supportive of Qingshan.\"</p><p><img src=\"https://static.tigerbbs.com/5c59e434fbd20c251852e2cf114ed5ca\" tg-width=\"509\" tg-height=\"227\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/ccda0030b524a1d6ae7153f6bcfe1ae9\" tg-width=\"494\" tg-height=\"202\" referrerpolicy=\"no-referrer\"/></p><p>So, why didn't the final result be that Tsingshan Group took out 200,000 tons of nickel delivery products and handed them over to Wall Street takeovers, leaving them with nowhere to store the goods. In the end, they could only sell them at a low price and lose tens of billions of dollars?</p><p>Collecting 200,000 tons of nickel delivery products can certainly solve the urgent need, but what should domestic companies do if so much nickel is handed over? Do all companies stop production and wait for a few months before new nickel is produced before resuming production?</p><p>Doing so, of course, is very relieving, but the price paid is too great.</p><p>As a mature entrepreneur, Xiang Guangda negotiated with his opponents from March 9th to March 15th with the confidence that he could produce 200,000 tons of delivery products, and finally reached a \"silent agreement\".</p><p>Judging from the news on June 29, Tsingshan Group reduced its short position to turn the corner. Although Wall Street institutions lost a small amount of money, they avoided the expansion of losses, which is an acceptable result for both sides.</p><p><b>/Who is the real mastermind behind the \"Demon Nickel War\"? /</b></p><p>When the incident happened in early March, someone pressed the calculator and said that Tsingshan Group might lose 8 billion to 12 billion dollars at that time, equivalent to hundreds of billions of RMB. Short-squeezing such a large amount of funds will inevitably involve a lot of funds.</p><p>At that time, some people suspected that commodity giant Glencore was behind the scenes in order to obtain Tsingshan's 60% stake in Indonesian nickel mines. Founded in 1974, Glencore is the largest company in Switzerland, with an operating income of US $215.11 billion. Its business scope covers the supply of mineral products, energy products and agricultural products.</p><p>But it is impossible for Glencore to spend so much money by itself. There must be a team behind it. Judging from the current situation, at least now, JPMorgan Chase and Elliott, two \"wolves from Wall Street\", have been forced out.</p><p>In April, JPMorgan Chase sold it out in its first-quarter earnings report, which showed a loss of $120 million in nickel-related businesses.</p><p>Except for participating in the \"demon nickel short squeeze\" incident in March, it is difficult to have any other reason to be convincing that the veteran Wall Street investment banks lost hundreds of millions of dollars on a single futures commodity in the first quarter. Afterwards, relevant information also proved that it was the largest counterparty of Tsingshan Group's large short positions.</p><p>Three months ago, of Tsingshan's more than 150,000 tons of nickel short positions, about 50,000 tons were held through JPMorgan Chase's over-the-counter positions. At that time, Tsingshan Holding Group once owed JPMorgan Chase about US $1 billion in margin. In just three months, JPMorgan Chase fell into the quagmire of losses of $120 million.</p><p>With such a big hole in finance, the person in charge has to say something.</p><p>Jamie Dimon, CEO of JPMorgan Chase, said reluctantly: \"We had a bit of a loss this quarter, and we will try to tide over it. We will analyze what we have done wrong and what different measures can be taken afterwards.\"</p><p>This sentence is very official, but it has two meanings:</p><p>First, they are doing things for customers. JPMorgan Chase lost money, and so did their customers. As for who the customer is, whether it is Glencore or not, it is not said. Second, they have reservations about Lunjin Institute's behavior of \"unplugging the network cable\", and maybe they have to \"take measures\". It's hard to say what measures JPMorgan Chase will take, but some people have already started to take action. They don't seem to give up and are still making their final struggles.</p><p><img src=\"https://static.tigerbbs.com/373adb34449d811ea165e417eea1bae6\" tg-width=\"1080\" tg-height=\"634\" referrerpolicy=\"no-referrer\"/></p><p>▲ Source/vision china</p><p>According to the announcement issued by the Hong Kong Stock Exchange on June 6, on June 1, the well-known American investment company \"Elliott Management Company\" attacked them, arguing that the Lonkin Exchange \"cancelled the transaction after 00:00 UK time on March 8, 2022. The behavior is illegal.\"</p><p>Elliott's two hedge funds sued the Hong Kong Stock Exchange, its subsidiary LME and its clearing company LME Clear Limite to the British High Court, preparing to claim about US $456 million, or about 3 billion yuan.</p><p><img src=\"https://static.tigerbbs.com/9692a7e3296316fcd1fde0c491252117\" tg-width=\"640\" tg-height=\"712\" referrerpolicy=\"no-referrer\"/></p><p>Elliott Management Company was founded in 1977, and its fund management scale will exceed US $51.5 billion by the end of 2021. It is a veritable wolf of Wall Street and is known for its tough, aggressive, and ruthless investment style.</p><p>Just how fierce is Elliot? It can make a country uneasy.</p><p>At the end of 2000, Argentina was in turmoil, with five consecutive presidents changing in half a month, and its foreign debt of up to 150 billion U.S. dollars was unable to repay. Just as other financial institutions avoided it in time, Elliott spent $617 million to bargain-hunting Argentine Treasury Bond.</p><p>In the following nine years, Argentina proposed a debt restructuring plan in order to revive the economy. The creditors headed by Elliott ruthlessly refused twice and took Argentina to the American court. I can't imagine how ruthless this move is. It can be compared to the current creditors who disagree with Evergrande's restructuring. What will happen to Evergrande?</p><p>On June 16, 2017, the U.S. Supreme Court finally ruled against Argentina. Argentina tearfully took out $2.28 billion to settle. This single Elliott earned 3.7 times, but every penny was the hard-earned money of the Argentine people.</p><p>As for how many Wall Street capital institutions are involved in this matter, it is still unclear. If Elliott can win the lawsuit with HKEx, it may be possible to see. Because when \"dividing the meat\", the wolves on Wall Street will be willing to go out.</p><p><b>/\"China's Nickel King\" pinches Musks' fate? /</b></p><p>According to national business daily, relevant personnel of Glencore said in response to whether they were involved in the matter, \"The above statement is total nonsense.\"</p><p>However, the report also pointed out that some insiders believe that Glencore is an indirect participant in this wave of market even if it is not directly involved. The reason why the market speculates this is that the competition for metal nickel has entered a fierce stage on a global scale.</p><p>Nickel is one of the important raw materials for manufacturing new energy ternary lithium batteries, accounting for nearly 30% of the total battery cost. If it is a high-nickel and ultra-high-nickel battery, the proportion will be even higher. However, nickel is unevenly distributed all over the world, making it difficult to mine.</p><p>\"Nickel anxiety\" is a common problem among new energy vehicle bosses. Even Tesla CEO Musk said that the shortage of nickel raw materials is the biggest obstacle to the production of electric vehicle batteries.</p><p>Data show that from March 2021 to March 2022, the nickel inventory of Lunjin Exchange continued to decline, with a drop of nearly 70%. The main reason is that nickel delivery products are bought in large quantities for the manufacture of new energy batteries. It is estimated that the nickel gap from 2023 to 2025 will be-25,600 tons,-27,900 tons, and-65,300 tons respectively.</p><p><img src=\"https://static.tigerbbs.com/4245aa1e37a9a023ca6069abaa0dccba\" tg-width=\"1080\" tg-height=\"631\" referrerpolicy=\"no-referrer\"/></p><p>Isn't this just God feeding Xiang Guangda with a rice bowl?</p><p>Xiang Guangda was born in an ordinary worker's family in Shacheng Town, Longwan, Wenzhou in 1958. After graduation, he worked in a state-owned enterprise for eight years and became the workshop director.</p><p>In 1988, Xiang Guangda was ready to \"stand at thirty\". He gave up the \"iron rice bowl\" that everyone envied at that time, and jointly founded \"Zhejiang Ouhai Automobile Door and Window Manufacturing Company\" with Zhang Jimin and other relatives.</p><p>Because of his emphasis on research and development, Xiang Guangda's automobile doors and windows business is very good. At the end of 1993, he jointly developed automobile rim steel with a Chinese automobile wheel factory, and invested 24 million yuan to establish \"Zhejiang Fengye Special-shaped Steel Company\". In 1995, the company was reorganized and \"Zhejiang Fengye Group Co., Ltd.\" was established, officially entering the stainless steel industry.</p><p><img src=\"https://static.tigerbbs.com/1739f693edc5047788bfff78b4944285\" tg-width=\"400\" tg-height=\"288\" referrerpolicy=\"no-referrer\"/></p><p>After 2005, the entire steel industry entered a destocking cycle. Xiang Guangda realized that if it didn't change, the enterprise would sooner or later be submerged in the torrent of stainless steel enterprises.</p><p>Xiang Guangda invested 10 billion yuan in the research and development of new technologies, took the lead in introducing the internationally advanced rotary kiln-submerged furnace (RKEF) smelting process, and led a team to develop the new technology of RKEF-AOD furnace dual method, which reduced the total energy consumption of stainless steel smelting. It was cut by 50% and saved 800 yuan per ton.</p><p>\"60%-70% of stainless steel is nickel, so who produces nickel? It is produced by foreigners, but we don't produce it ourselves.\" Xiang Guangda put the production of \"nickel\" on the agenda again.</p><p>During the financial crisis in 2008, Xiang Guangda took the opportunity to acquire the Indonesian nickel mine with the highest nickel reserves in the world. Tsingshan Holdings and Indonesia Eight Star Investment Co., Ltd. jointly established Sulawesi Mining Investment Co., Ltd., and obtained the mining right of laterite nickel mine with an area of 47,000 hectares.</p><p>The mining park was quickly established, and in February 2010, nickel produced abroad by a Chinese company for the first time was successfully shipped back to China. Tsingshan Holding Group has conquered the technology of purifying high matte nickel with laterite nickel ore. After the operation, Xiang Guangda has opened up the upstream and downstream of nickel production.</p><p>With \"nickel\" in hand, there is no need to worry about stainless steel. Tsingshan Holding Group has more than ten stainless steel subsidiaries. From 2009 to 2019, Tsingshan Holding's stainless steel output increased from one million tons to tens of millions of tons, and its sales increased from tens of billions to more than 200 billion yuan. At present, it has secured the throne of the world's largest stainless steel manufacturer.</p><p>Xiang Guangda has also become a frequent visitor at the local government enterprise symposium.</p><p><img src=\"https://static.tigerbbs.com/c46ceaa170e4d055c8235a32992a6dfb\" tg-width=\"618\" tg-height=\"453\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>In 2021, the total revenue of Tsingshan Holding Group will reach 292.892 billion, ranking 279th among the world's top 500 companies. Tianyancha shows that Xiang Guangda holds 48.45% of the equity of Tsingshan Holding Group through various channels and is the actual controller of the group.</p><p><img src=\"https://static.tigerbbs.com/684284868a43986c93078ec1487797ce\" tg-width=\"507\" tg-height=\"760\" referrerpolicy=\"no-referrer\"/></p><p>▲ Tsingshan Holdings Equity Structure/Screenshot of Tianyancha</p><p>In recent years, the new energy industry has gradually emerged, especially after 2020, new energy has become the hottest track at the moment. The market value of A-share CATL and BYD has exceeded one trillion yuan, and the market value of Tesla even exceeds the combined market value of several established auto companies.</p><p>The new energy industry is short of nickel, and Xiang Guangda has a lot of it. Tsingshan Holdings' nickel output will be 600,000 tons in 2021, reach 850,000 tons in 2022, accounting for 30% of the global total, and will reach 1.1 million tons in 2023.</p><p>Holding nearly 30% of the world's nickel production, it can be said that Xiang Guangda is a proper \"king of nickel\" and has also pinched the life gate of the new energy automobile industry to death.</p><p>If you are not satisfied, you just \"work\" for new energy vehicles. At present, Tsingshan Group has joined hands with Xugong Group to enter the new energy vehicle industry.</p><p>It's just that there are many people who are popular, and pigs on the tuyere are also the easiest targets to be attacked. Xiang Guangda, who survived this \"robbery\" safely, still needs to be careful. He has too much \"nickel\" in his hand, which is too tempting.</p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Wenzhou's richest man fought Wall Street, JPMorgan Chase lost 800 million</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWenzhou's richest man fought Wall Street, JPMorgan Chase lost 800 million\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/63\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/01a8ace21e1041b4bb972ca835e331c7);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">金融八卦女频道 </p>\n<p class=\"h-time smaller\">2022-07-04 14:52</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>This time Wall Street miscalculated. In the financial field, Wall Street is still the best in the world, but their opponents are not without progress. Through years of hard work, Chinese enterprises have gained rich market experience and rich capital. When they are pressed on the ground and beaten by others, they still have the ability to fight back. After more than three months, the \"Demon Nickel Short Squeeze War\" known to all people on earth has finally come to an end:</p><p>Xiang Guangda, the richest man in Wenzhou, and his Tsingshan Group escaped unscathed, and Wall Street giant JPMorgan Chase cut its meat and lost 120 million US dollars (about 800 million yuan).</p><p><img src=\"https://static.tigerbbs.com/ed3f5a82dbe41eeb1131b5fe7f4f8e37\" tg-width=\"693\" tg-height=\"442\" referrerpolicy=\"no-referrer\"/></p><p>▲ Xiang Guangda, the actual controller of Tsingshan Holdings/Source: Internet</p><p>According to news on June 29, Tsingshan Holding Group safely withdrew from most of its short nickel positions on the London Metal Exchange (LME). The size of positions has been reduced to about 30,000 tons, far lower than the peak of over 150,000 tons at the time of the incident, and these positions are not held through JPMorgan Chase.</p><p>This is probably the result of negotiations between the two parties. Tsingshan Group left dignity for Wall Street bosses. Otherwise, according to the situation at that time, 120 million US dollars was far from enough.</p><p>Friends who are concerned about this matter may still be \"confused\". Isn't the legendary mastermind behind the scenes the Swiss commodity giant \"Glencore\"? Why did JPMorgan Chase lose money in the end?</p><p>What exactly happened in these three months?</p><p><b>/Qingshan counterkills, Wall Street miscalculates/</b></p><p>Briefly sort out the entire process of the Lunni incident:</p><p>On March 7, 2022, Lunni futures soared from US $29,000/ton to US $55,000/ton, a 15-year high.</p><p>On March 8, Lunni futures rose straight from US $60,000/ton to US $100,000/ton, and the entire process took no more than one hour.</p><p>At 8:15 on March 8 (UK time), Lunkin Exchange suspended all nickel contract trading and canceled trading after 0:00 on March 8, commonly known as \"unplugging the network cable\".</p><p>On March 9, Xiang Guangda admitted that he had been squeezed short by foreign capital and had obtained sufficient spot goods through various channels.</p><p>On March 15, Tsingshan Group stated that it had reached a \"silent agreement\" with a syndicate of futures bank creditors. During this period, Tsingshan's positions will not be closed, and Tsingshan Group will reduce its positions thereafter.</p><p>On March 16, nickel trading at Lunjin Exchange resumed.</p><p>On June 29, Tsingshan Group withdrew from most of its short nickel positions in Lunjin, and the incident ended.</p><p>After reading this, people who don't know the details will still have questions, why is Tsingshan Group targeted by Wall Street capital?</p><p>I really can't blame Wall Street Capital. Tsingshan Group has cultivated itself into \"Tang Monk Meat\", who doesn't want to eat it.</p><p>Tsingshan Group has three fatal loopholes in this matter:</p><p>1. The nickel produced by Tsingshan Group is different from the delivery products traded by Lunjin Exchange. The product delivered by Lunjin Exchange is electrolytic nickel with a purity of more than 99.8%, while the nickel produced by Tsingshan Group is only about 70% high matte nickel and ferronickel with a content of about 10%. 2. There is a problem with the hedging operation of Tsingshan Group. At that time, it bought 200,000 tons of short futures orders, but the entire nickel inventory of Lunjin Exchange was only 80,000 tons. That is to say, even if it bought all the nickel of Lunjin Exchange, it could not make up half of its short futures orders. 3. Usually, when Tsingshan Group meets the delivery period, it will buy nickel with Russia to close its position. The conflict between Russia and Ukraine led to a reversal of market logic, and Russian nickel was embargoed. Tsingshan Group did not respond to this news in time. To sum up, although Tsingshan Group has a rich family, it has played all its good cards at this card table, with only \"1 to 3\" in its hand, and others can't afford to play any cards. In this situation, how could Wall Street capital, which was born bloodthirsty, let go of this seemingly \"must-win\" hunt? It's not like Wall Street hasn't done this before.</p><p>Therefore, Wall Street Capital quickly raised the price of nickel futures on March 7 and March 8, quickly raising something from 20,000 to 30,000 US dollars to 100,000 US dollars, incidentally breaking the \"highest price fluctuation of any kind of asset\" record. \"</p><p>The situation at that time was that Tsingshan Group would have to lose hundreds of billions if it could not ship goods, and if it had no money, it would have to sell Indonesian nickel ore. The new energy industry chain that Chinese companies have worked so hard to build might be severely hit.</p><p>This time Wall Street miscalculated. In the financial field, Wall Street is still the best in the world, but their opponents are not without progress. Through years of hard work, Chinese enterprises have gained rich market experience and rich capital. When they are pressed on the ground and beaten by others, they still have the ability to fight back.</p><p>Although we didn't know who started it at that time, on March 9th, Qingshan Group's counterattack began. Tsingshan Holdings responded that it will replace domestic metal nickel plates with its high matte nickel, which has been allocated to sufficient spot for delivery through various channels.</p><p>Judging from the gossip, several large enterprises in the industry participated in this replacement at that time, which can be described as united as one. Xiang Guangda's original words were: \"After receiving many phone calls, relevant state departments and leaders are very supportive of Qingshan.\"</p><p><img src=\"https://static.tigerbbs.com/5c59e434fbd20c251852e2cf114ed5ca\" tg-width=\"509\" tg-height=\"227\" referrerpolicy=\"no-referrer\"/><img src=\"https://static.tigerbbs.com/ccda0030b524a1d6ae7153f6bcfe1ae9\" tg-width=\"494\" tg-height=\"202\" referrerpolicy=\"no-referrer\"/></p><p>So, why didn't the final result be that Tsingshan Group took out 200,000 tons of nickel delivery products and handed them over to Wall Street takeovers, leaving them with nowhere to store the goods. In the end, they could only sell them at a low price and lose tens of billions of dollars?</p><p>Collecting 200,000 tons of nickel delivery products can certainly solve the urgent need, but what should domestic companies do if so much nickel is handed over? Do all companies stop production and wait for a few months before new nickel is produced before resuming production?</p><p>Doing so, of course, is very relieving, but the price paid is too great.</p><p>As a mature entrepreneur, Xiang Guangda negotiated with his opponents from March 9th to March 15th with the confidence that he could produce 200,000 tons of delivery products, and finally reached a \"silent agreement\".</p><p>Judging from the news on June 29, Tsingshan Group reduced its short position to turn the corner. Although Wall Street institutions lost a small amount of money, they avoided the expansion of losses, which is an acceptable result for both sides.</p><p><b>/Who is the real mastermind behind the \"Demon Nickel War\"? /</b></p><p>When the incident happened in early March, someone pressed the calculator and said that Tsingshan Group might lose 8 billion to 12 billion dollars at that time, equivalent to hundreds of billions of RMB. Short-squeezing such a large amount of funds will inevitably involve a lot of funds.</p><p>At that time, some people suspected that commodity giant Glencore was behind the scenes in order to obtain Tsingshan's 60% stake in Indonesian nickel mines. Founded in 1974, Glencore is the largest company in Switzerland, with an operating income of US $215.11 billion. Its business scope covers the supply of mineral products, energy products and agricultural products.</p><p>But it is impossible for Glencore to spend so much money by itself. There must be a team behind it. Judging from the current situation, at least now, JPMorgan Chase and Elliott, two \"wolves from Wall Street\", have been forced out.</p><p>In April, JPMorgan Chase sold it out in its first-quarter earnings report, which showed a loss of $120 million in nickel-related businesses.</p><p>Except for participating in the \"demon nickel short squeeze\" incident in March, it is difficult to have any other reason to be convincing that the veteran Wall Street investment banks lost hundreds of millions of dollars on a single futures commodity in the first quarter. Afterwards, relevant information also proved that it was the largest counterparty of Tsingshan Group's large short positions.</p><p>Three months ago, of Tsingshan's more than 150,000 tons of nickel short positions, about 50,000 tons were held through JPMorgan Chase's over-the-counter positions. At that time, Tsingshan Holding Group once owed JPMorgan Chase about US $1 billion in margin. In just three months, JPMorgan Chase fell into the quagmire of losses of $120 million.</p><p>With such a big hole in finance, the person in charge has to say something.</p><p>Jamie Dimon, CEO of JPMorgan Chase, said reluctantly: \"We had a bit of a loss this quarter, and we will try to tide over it. We will analyze what we have done wrong and what different measures can be taken afterwards.\"</p><p>This sentence is very official, but it has two meanings:</p><p>First, they are doing things for customers. JPMorgan Chase lost money, and so did their customers. As for who the customer is, whether it is Glencore or not, it is not said. Second, they have reservations about Lunjin Institute's behavior of \"unplugging the network cable\", and maybe they have to \"take measures\". It's hard to say what measures JPMorgan Chase will take, but some people have already started to take action. They don't seem to give up and are still making their final struggles.</p><p><img src=\"https://static.tigerbbs.com/373adb34449d811ea165e417eea1bae6\" tg-width=\"1080\" tg-height=\"634\" referrerpolicy=\"no-referrer\"/></p><p>▲ Source/vision china</p><p>According to the announcement issued by the Hong Kong Stock Exchange on June 6, on June 1, the well-known American investment company \"Elliott Management Company\" attacked them, arguing that the Lonkin Exchange \"cancelled the transaction after 00:00 UK time on March 8, 2022. The behavior is illegal.\"</p><p>Elliott's two hedge funds sued the Hong Kong Stock Exchange, its subsidiary LME and its clearing company LME Clear Limite to the British High Court, preparing to claim about US $456 million, or about 3 billion yuan.</p><p><img src=\"https://static.tigerbbs.com/9692a7e3296316fcd1fde0c491252117\" tg-width=\"640\" tg-height=\"712\" referrerpolicy=\"no-referrer\"/></p><p>Elliott Management Company was founded in 1977, and its fund management scale will exceed US $51.5 billion by the end of 2021. It is a veritable wolf of Wall Street and is known for its tough, aggressive, and ruthless investment style.</p><p>Just how fierce is Elliot? It can make a country uneasy.</p><p>At the end of 2000, Argentina was in turmoil, with five consecutive presidents changing in half a month, and its foreign debt of up to 150 billion U.S. dollars was unable to repay. Just as other financial institutions avoided it in time, Elliott spent $617 million to bargain-hunting Argentine Treasury Bond.</p><p>In the following nine years, Argentina proposed a debt restructuring plan in order to revive the economy. The creditors headed by Elliott ruthlessly refused twice and took Argentina to the American court. I can't imagine how ruthless this move is. It can be compared to the current creditors who disagree with Evergrande's restructuring. What will happen to Evergrande?</p><p>On June 16, 2017, the U.S. Supreme Court finally ruled against Argentina. Argentina tearfully took out $2.28 billion to settle. This single Elliott earned 3.7 times, but every penny was the hard-earned money of the Argentine people.</p><p>As for how many Wall Street capital institutions are involved in this matter, it is still unclear. If Elliott can win the lawsuit with HKEx, it may be possible to see. Because when \"dividing the meat\", the wolves on Wall Street will be willing to go out.</p><p><b>/\"China's Nickel King\" pinches Musks' fate? /</b></p><p>According to national business daily, relevant personnel of Glencore said in response to whether they were involved in the matter, \"The above statement is total nonsense.\"</p><p>However, the report also pointed out that some insiders believe that Glencore is an indirect participant in this wave of market even if it is not directly involved. The reason why the market speculates this is that the competition for metal nickel has entered a fierce stage on a global scale.</p><p>Nickel is one of the important raw materials for manufacturing new energy ternary lithium batteries, accounting for nearly 30% of the total battery cost. If it is a high-nickel and ultra-high-nickel battery, the proportion will be even higher. However, nickel is unevenly distributed all over the world, making it difficult to mine.</p><p>\"Nickel anxiety\" is a common problem among new energy vehicle bosses. Even Tesla CEO Musk said that the shortage of nickel raw materials is the biggest obstacle to the production of electric vehicle batteries.</p><p>Data show that from March 2021 to March 2022, the nickel inventory of Lunjin Exchange continued to decline, with a drop of nearly 70%. The main reason is that nickel delivery products are bought in large quantities for the manufacture of new energy batteries. It is estimated that the nickel gap from 2023 to 2025 will be-25,600 tons,-27,900 tons, and-65,300 tons respectively.</p><p><img src=\"https://static.tigerbbs.com/4245aa1e37a9a023ca6069abaa0dccba\" tg-width=\"1080\" tg-height=\"631\" referrerpolicy=\"no-referrer\"/></p><p>Isn't this just God feeding Xiang Guangda with a rice bowl?</p><p>Xiang Guangda was born in an ordinary worker's family in Shacheng Town, Longwan, Wenzhou in 1958. After graduation, he worked in a state-owned enterprise for eight years and became the workshop director.</p><p>In 1988, Xiang Guangda was ready to \"stand at thirty\". He gave up the \"iron rice bowl\" that everyone envied at that time, and jointly founded \"Zhejiang Ouhai Automobile Door and Window Manufacturing Company\" with Zhang Jimin and other relatives.</p><p>Because of his emphasis on research and development, Xiang Guangda's automobile doors and windows business is very good. At the end of 1993, he jointly developed automobile rim steel with a Chinese automobile wheel factory, and invested 24 million yuan to establish \"Zhejiang Fengye Special-shaped Steel Company\". In 1995, the company was reorganized and \"Zhejiang Fengye Group Co., Ltd.\" was established, officially entering the stainless steel industry.</p><p><img src=\"https://static.tigerbbs.com/1739f693edc5047788bfff78b4944285\" tg-width=\"400\" tg-height=\"288\" referrerpolicy=\"no-referrer\"/></p><p>After 2005, the entire steel industry entered a destocking cycle. Xiang Guangda realized that if it didn't change, the enterprise would sooner or later be submerged in the torrent of stainless steel enterprises.</p><p>Xiang Guangda invested 10 billion yuan in the research and development of new technologies, took the lead in introducing the internationally advanced rotary kiln-submerged furnace (RKEF) smelting process, and led a team to develop the new technology of RKEF-AOD furnace dual method, which reduced the total energy consumption of stainless steel smelting. It was cut by 50% and saved 800 yuan per ton.</p><p>\"60%-70% of stainless steel is nickel, so who produces nickel? It is produced by foreigners, but we don't produce it ourselves.\" Xiang Guangda put the production of \"nickel\" on the agenda again.</p><p>During the financial crisis in 2008, Xiang Guangda took the opportunity to acquire the Indonesian nickel mine with the highest nickel reserves in the world. Tsingshan Holdings and Indonesia Eight Star Investment Co., Ltd. jointly established Sulawesi Mining Investment Co., Ltd., and obtained the mining right of laterite nickel mine with an area of 47,000 hectares.</p><p>The mining park was quickly established, and in February 2010, nickel produced abroad by a Chinese company for the first time was successfully shipped back to China. Tsingshan Holding Group has conquered the technology of purifying high matte nickel with laterite nickel ore. After the operation, Xiang Guangda has opened up the upstream and downstream of nickel production.</p><p>With \"nickel\" in hand, there is no need to worry about stainless steel. Tsingshan Holding Group has more than ten stainless steel subsidiaries. From 2009 to 2019, Tsingshan Holding's stainless steel output increased from one million tons to tens of millions of tons, and its sales increased from tens of billions to more than 200 billion yuan. At present, it has secured the throne of the world's largest stainless steel manufacturer.</p><p>Xiang Guangda has also become a frequent visitor at the local government enterprise symposium.</p><p><img src=\"https://static.tigerbbs.com/c46ceaa170e4d055c8235a32992a6dfb\" tg-width=\"618\" tg-height=\"453\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>In 2021, the total revenue of Tsingshan Holding Group will reach 292.892 billion, ranking 279th among the world's top 500 companies. Tianyancha shows that Xiang Guangda holds 48.45% of the equity of Tsingshan Holding Group through various channels and is the actual controller of the group.</p><p><img src=\"https://static.tigerbbs.com/684284868a43986c93078ec1487797ce\" tg-width=\"507\" tg-height=\"760\" referrerpolicy=\"no-referrer\"/></p><p>▲ Tsingshan Holdings Equity Structure/Screenshot of Tianyancha</p><p>In recent years, the new energy industry has gradually emerged, especially after 2020, new energy has become the hottest track at the moment. The market value of A-share CATL and BYD has exceeded one trillion yuan, and the market value of Tesla even exceeds the combined market value of several established auto companies.</p><p>The new energy industry is short of nickel, and Xiang Guangda has a lot of it. Tsingshan Holdings' nickel output will be 600,000 tons in 2021, reach 850,000 tons in 2022, accounting for 30% of the global total, and will reach 1.1 million tons in 2023.</p><p>Holding nearly 30% of the world's nickel production, it can be said that Xiang Guangda is a proper \"king of nickel\" and has also pinched the life gate of the new energy automobile industry to death.</p><p>If you are not satisfied, you just \"work\" for new energy vehicles. At present, Tsingshan Group has joined hands with Xugong Group to enter the new energy vehicle industry.</p><p>It's just that there are many people who are popular, and pigs on the tuyere are also the easiest targets to be attacked. Xiang Guangda, who survived this \"robbery\" safely, still needs to be careful. He has too much \"nickel\" in his hand, which is too tempting.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ed3f5a82dbe41eeb1131b5fe7f4f8e37","relate_stocks":{},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1128701140","content_text":"这次华尔街失算了，金融领域华尔街还是天下第一，但他们的对手也不是没有长进。中国企业通过多年的努力，已经获得了丰富的市场经验和丰厚的资本，被别人摁在地上暴打时，还是有能力反击的。时隔三个多月，全地球人都知道的“妖镍逼空大战”，终于告一段落：温州首富项光达和他的青山集团全身而退，华尔街巨头摩根大通割肉出局，亏了1.2亿美金（约8亿人民币）。▲青山控股实控人项光达/图源：网络6月29日消息，青山控股集团安全退出了伦敦金属交易所（LME）的大部分镍空头头寸。持仓规模已经缩减至3万吨左右，远低于事发时的超15万吨的峰值，且这些头寸都不是通过摩根大通持有。这很可能是双方协商的结果，青山集团给华尔街大佬留了体面，否则根据当时的情况，1.2亿美金是远远不够的。关注这个事情的朋友可能还“懵着”，传说中的幕后黑手不是瑞士大宗商品巨鳄“嘉能可”吗，怎么最后亏损的是摩根大通？这三个月到底发生了什么？/青山反杀，华尔街失算/简单梳理一下伦镍事件的整个过程：2022年3月7日伦镍期货从2.9万美元/吨，飙涨到5.5万美元/吨，创15年内新高。3月8日伦镍期货从6万美元/吨直线拉升到10万美元/吨，整个过程不超过1小时。3月8日8时15分（英国时间），伦金所暂停所有镍合约的交易，并取消3月8日0点之后的交易，俗称“拔网线”。3月9日，项光达承认被外国资本逼空，已通过多种渠道获得充足现货。3月15日，青山集团表示与期货银行债权人组成的银团达成“静默协议”。期间不会对青山的持仓进行平仓，此后青山集团会减少持仓。3月16日，伦金所镍交易恢复。6月29日，青山集团退出了伦金所的大部分镍空头头寸，事件结束。读到这里，不了解其中细节的人还会有疑问，为什么是青山集团被华尔街资本盯上了呢？还真不能怪华尔街资本，青山集团把自己养成“唐僧肉”，谁不想吃呢。青山集团在此事上有三大致命漏洞：1、青山集团生产的镍，与伦金所交易的交割品不一样。伦金所交割品是纯度高达99.8%以上的电解镍，而青山集团生产的镍只有70%左右高冰镍和含量10%左右的镍铁。2、青山集团的对冲操作有问题。当时它买了20万吨期货空单，但整个伦金所镍库存只有8万吨，也就是说把伦金所的镍都买了，也凑不齐它期货空单的一半。3、平常青山集团遇到交割期，会跟俄罗斯买镍平仓。俄乌冲突导致市场逻辑逆转，俄罗斯的镍被禁运，青山集团没有及时对这一消息有所反应。综上，青山集团虽然家底丰厚，但在这张牌桌上，它把好牌都出了，手里只有“1对3”，别人出什么牌都要不起。遇到这种情况，天生嗜血的华尔街资本，怎么可能放过这场看似“必赢”的围猎。华尔街以前也不是没干过这种事。所以，华尔街资本于3月7日、3月8日两日快速拉升镍期货价格，将两三万美金的东西快速拉升到10万美金，顺带破了“任何一种资产价格波动的最高纪录。”当时的情况就是，青山集团拿不出货就得赔钱上千亿，没钱就得卖印尼的镍矿，中国企业辛辛苦苦建立的新能源产业链，恐将遭到狠狠一棒槌。这次华尔街失算了，金融领域华尔街还是天下第一，但他们的对手也不是没有长进。中国企业通过多年的努力，已经获得了丰富的市场经验和丰厚的资本，被别人摁在地上暴打时，还是有能力反击的。虽然当时还不知道谁下手的，但3月9日，青山集团的反杀就开始了。青山控股回应称，将用旗下高冰镍置换国内金属镍板，已通过多种渠道调配到充足现货进行交割。从小道消息来看，当时业内好几家大型企业都参与到了此次的置换，可谓是众志成城。项光达的原话是：“接到很多电话，国家有关部门和领导对青山都很支持。”那么，最后的结果为什么不是青山集团拿出20万吨镍交割品，交给华尔街接盘侠，让他们拿货无处存放，最后只能低价出售，赔上百亿美金呢？凑了20万吨镍交割品固然能够解决燃眉之急，但这么多镍交出去，国内企业该怎么办？难道所有企业都停止生产，等上几个月，新镍生产出来再恢复生产？这么做，固然很解气，付出的代价也太大了。项光达作为成熟的企业家，3月9日到3月15日，他在能拿出20万吨交割品的底气下，同对手进行了谈判，最终达成了“静默协议”。从6月29日的消息来看，青山集团缩减了空头头寸让自己转危为安，华尔街机构虽然赔了点小钱，但避免了损失扩大化，算是两边都能接受的结果。/谁是“妖镍大战”真正的幕后黑手？/3月初事件发生时，有人按过计算器，说当时青山集团可能亏损80亿到120亿美金，折合人民币上千亿。逼空这么大体量资金，涉及的资金必然不会少。当时有人怀疑大宗商品巨头嘉能可是幕后黑手，目的是为了拿到青山在印尼镍矿60%的股权。嘉能可成立于1974年，是瑞士最大的企业，营业收入高达2151.1亿美元，经营范围覆盖矿产品、能源产品和农产品的供应。但嘉能可不可能自己拿出这么多钱，背后一定有团队。从目前的情况看，至少现在已经逼出来摩根大通和埃利奥特这两头“来自华尔街的狼”。4月，摩根大通第一季财报早就出卖了它，财报显示与镍相关的业务出现了1.2亿美元的亏损。能让华尔街老牌投行一季度在单一期货商品上大亏上亿美元，除了参与了3月的“妖镍逼空”事件，很难有别的理由让人信服。事后相关信息也证明，它是青山集团大量空头头寸的最大交易对手方。而三个月前，在青山逾15万吨的镍空头头寸中，约有5万吨是通过摩根大通场外头寸持有，当时青山控股集团一度欠摩根大通约10亿美元保证金。短短三个月间，摩根大通便陷入了1.2亿美元亏损的泥潭。财务上出了这么大窟窿，负责人总得说点什么吧。摩根大通首席执行官杰米·戴蒙（Jamie Dimon）不情愿地说：“我们本季度有一点亏损，我们会设法渡过难关的。我们会对自己做错了什么，以及伦金所之后可以采取哪些不同措施进行事后分析。”这句话说的很官方，但细品有两重意思：一，他们是在帮客户做事，摩根大通亏了，他们的客户也亏了。至于客户是谁，是不是嘉能可，并没说。二，他们对伦金所“拔网线”的行为是有保留意见的，说不定还得“采取措施”。摩根大通会采取什么措施不好说，但有人已经开始行动了，他们似乎并不认输，还在做最后的挣扎。▲图源/视觉中国根据港交所6月6日发布的公告，6月1日美国著名投资公司“埃利奥特管理公司”向他们发难，认为伦金所“取消2022年3月8日英国时间00：00之后交易的行为不合法。”埃利奥特旗下两只对冲基金将港交所和其子公司伦金所（LME）及其清算公司LME Clear Limite告上英国高等法院，准备索赔约4.56亿美元，约30亿人民币。埃利奥特管理公司成立于1977年，2021年底基金管理规模超515亿美元，它是名副其实的华尔街之狼，以强硬、激进、狠辣的投资风格闻名。埃利奥特到底有多凶狠？它能让一个国家不得安生。2000年底，阿根廷动荡不安，半个月连续换了5任总统，高达1500亿美元的外债无力偿还。正当其他金融机构避之不及时，埃利奥特用6.17亿美元抄底阿根廷国债。此后9年时间里，阿根廷为了重振经济提出债务重组方案，埃利奥特为首的债权人2次无情拒绝，还将阿根廷告上美国法庭。想象不到这招有多狠，可以类比现在债权人不同意恒大重组，恒大会怎样。2017年6月16日，美国最高法院最终判决阿根廷败诉。阿根廷含泪拿出了22.8亿美元和解，这一单埃利奥特赚了3.7倍，但每一分钱都是阿根廷人民的血汗钱。至于到底有多少华尔街的资本机构参与此事，目前还不明确。如果埃利奥特能从与港交所的官司中获胜，或许有可能看到。因为“分肉”的时候，华尔街的狼才会愿意倾巢出动。/“中国镍王”捏住马斯克们命门？ /据《每日经济新闻》报道，嘉能可相关人员在回复是否参与此事时表示，“上述这种说法完全是胡说八道（total nonsense）。”但报道中也同时指出有行内人员认为嘉能可即使没有直接参与，也是这一波行情的间接参与者。市场之所以这样猜测，是因为在全球范围内，对于金属镍的争夺已经进入白热化的阶段。镍是制造新能源三元锂电池的重要原材料之一，在电池总成本中占比将近30%，如果是高镍、超高镍电池这个比例还将更高。但镍元素在全世界分布不均，开采难度大。“镍焦虑”是新能源汽车大佬的普遍问题，连特斯拉CEO马斯克都说，镍原料的短缺是影响电动车电池生产的最大障碍。数据显示，2021年3月至2022年3月，伦金所的镍库存持续下降，降幅接近70%。主要原因是镍交割品被大量买去用于制造新能源电池。预计2023年-2025年镍的缺口分别为-2.56万吨、-2.79万吨、-6.53万吨。这不就是老天爷端着饭碗给项光达喂饭吗？1958年项光达出生于温州龙湾沙城镇的一个普通工人家庭。毕业后在国企干了八年，还当上了车间主任。1988年，项光达准备“三十而立”，他放弃了当时人人羡慕的“铁饭碗”，联合张积敏等亲戚合伙创办了“浙江瓯海汽车门窗制造公司”。由于注重研发，项光达的汽车门窗生意很好。1993年底，他与中国一汽车轮厂联合开发汽车轮辋钢，并投资2400万元，成立“浙江丰业异型钢公司”。并于1995年改组公司，成立“浙江丰业集团有限公司”，正式进入不锈钢行业。2005年之后，整个钢铁行业进入去库存周期。项光达意识到，如果不改变，企业迟早淹没在不锈钢企业的洪流中。项光达拿出100亿投入研发新技术，率先引进国际先进的回转窑—矿热炉（RKEF）冶炼工艺，又带队研发出RKEF—AOD炉双联法新技术，把不锈钢冶炼的总能耗砍掉了50%，每吨成本节省800元。“不锈钢60%--70%都是镍，那镍是谁来生产的？是老外生产的，我们自己没有生产。”项光达又将生产“镍”提到了议事日程。2008年金融危机时，项光达趁机收购了全球镍储量最高的印尼镍矿。青山控股与印尼八星投资有限公司合资设立苏拉威西矿业投资有限公司，获得了面积为4.70万公顷的红土镍矿开采权。矿业园区很快建立，2010年2月，第一次由中国公司在国外生产的镍顺利装船回国。青山控股集团又攻克了用红土镍矿提纯高冰镍的技术，一通操作下来，项光达已经打通了镍生产的上下游。有“镍”在手，不锈钢不愁。青山控股集团旗下有十多家不锈钢类子公司，2009年至2019年，青山控股不锈钢产量从百万吨增至千万吨，销售额从几百亿增至2000多亿元，目前已经坐稳全球最大不锈钢生产企业的宝座。项光达也成为当地政府企业座谈会上的常客。2021年青山控股集团总营收高达2928.92亿，位列世界500强第279位。天眼查显示，项光达通过各种路径，占有青山控股集团的股权比例高达48.45%，是集团的实际控制人。▲青山控股股权结构/天眼查截图这些年，新能源产业逐步兴起，尤其是2020年之后，新能源成为当下最火的赛道，没有之一。A股的宁德时代、比亚迪市值破万亿，特斯拉的市值甚至超过几家老牌汽车公司市值总和。新能源行业缺镍，项光达手里有很多。青山控股2021年镍产量为60万吨，2022年将达到85万吨占到全球总量的30%，2023年更将达到110万吨。手握全球近30%的镍产量，可以说，项光达是妥妥的“镍之王”，也把新能源汽车行业的命门捏得死死的。不满足只是给新能源汽车“打工”，目前青山集团已携手徐工集团，入局新能源汽车产业。只是人红是非多，风口上的猪也是最容易被下手的对象。安然渡过这一“劫”的项光达，还是要小心，他手上的“镍”太多，太诱人了。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1675,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9043478220,"gmtCreate":1655957582860,"gmtModify":1676535740403,"author":{"id":"3578098715246654","authorId":"3578098715246654","name":"开洱文","avatar":"https://community-static.tradeup.com/news/e6a32c6dd5e85c5b3bf6c591b38391d6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578098715246654","idStr":"3578098715246654"},"themes":[],"htmlText":"6","listText":"6","text":"6","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9043478220","repostId":"1122450899","repostType":2,"repost":{"id":"1122450899","kind":"news","pubTimestamp":1655908485,"share":"https://ttm.financial/m/news/1122450899?lang=en_US&edition=fundamental","pubTime":"2022-06-22 22:34","market":"us","language":"zh","title":"Why does the Fed dare not save U.S. stocks?","url":"https://stock-news.laohu8.com/highlight/detail?id=1122450899","media":"见闻VIP会员","summary":"股市下跌的确推动了劳动力返回劳动力市场。","content":"<p><html><head></head><body>The sustained and rapid rise of U.S. stocks for a long time has caused the U.S. labor force participation rate to continue to decrease, and the decline is more obvious. It shows that the appreciation of assets, including stock investment and pension, has caused more and more American laborers to leave the labor market, or have financial freedom, or reduce the pressure to retire early.</p><p>The current plunge in U.S. stocks has shrunk the assets of U.S. stock residents, but it is also beneficial-\"helping\" the labor force to accelerate its return to the labor market. This will help reverse the trend of labor leaving the labor market and help improve the shortage of labor supply; If U.S. stocks are maintained, the labor supply shortage may be exacerbated. This may also be one of the reasons why the Federal Reserve is afraid to save U.S. stocks.</p><p><b>Is there a side effect of U.S. stocks rising all the time?</b></p><p>After the U.S. CPI data hit a 40-year high in June and rate hike expectations heated up, U.S. stocks plunged sharply again. As of June 17, the S&P 500, Dow, and Nasdaq fell by 22.90%, 17.75%, and 30.98% respectively during the year.</p><p>The largest pullback/retracement of Nasdaq has reached 35% since the high point of this round, which has exceeded the largest pullback/retracement during the COVID-19 epidemic in 2020. Moreover, unlike at that time, it is no longer possible for the Federal Reserve to \"release water\" to rescue the market, and the downward cycle of US stocks seems to have not yet ended.</p><p>Insights VIP previously mentioned that due to the deep \"binding\" between American household assets and pensions, the plunge in US stocks has shrunk the wealth of American households. According to data from the Federal Reserve, the prices of real estate and other assets rose in the first quarter, but the equity assets brought about by the company's stock shrank more seriously.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ea2128b9ff440a2cd6f75fe3cba8f8f2\" tg-width=\"1089\" tg-height=\"521\" referrerpolicy=\"no-referrer\"/><span>Figure: Changes in net assets of American households and non-profit organizations (Source: Federal Reserve)</span></p><p>Considering that U.S. stocks fell more sharply in the second quarter than in the first quarter, the shrinkage will continue to increase in the second quarter.</p><p>Previously, the market had always believed that due to the deep binding between U.S. stocks and pensions, the Federal Reserve had a \"put option\" and would not let U.S. stocks fall. However, as inflation rises and the labor market is tight, the side effects of rising U.S. stocks have already appeared, and the Fed's abandonment of \"put options\" also has another profound meaning.</p><p><b>U.S. stocks have risen too much, and no one wants to work?</b></p><p>According to the data of the Federal Reserve, the largest proportion of the assets of the rich in the United States is corporate stocks and mutual funds, while the wealth of the middle class is mainly concentrated in stocks, funds and pensions.</p><p><img src=\"https://static.tigerbbs.com/7c6fff708501e31bfde5fcbf666ef1ed\" tg-width=\"1098\" tg-height=\"511\" referrerpolicy=\"no-referrer\"/></p><p>U.S. pensions are \"deeply bound\" to U.S. stocks, and more than 60% of pensions are allocated in the equity market.</p><p>The long bull of U.S. stocks has attracted a larger proportion of pensions into the market, bringing rich returns to pensions. But problems also follow. When the pension is earned \"too much\", it may make more people, especially the middle class, touch the threshold of \"financial freedom\" or \"worry-free old-age care\".</p><p>This will also reduce residents' willingness to participate in labor. Judging from the labor force participation rate and the trend of the stock market in the United States, over the past 20 years, under the dividend of the rapid development of the \"Internet of Technology\", U.S. stocks have increased tremendously, especially led by Nasdaq, with the largest increase of more than ten times in 20 years. The huge wealth appreciation effect brought about by the rapid appreciation of stock investment and pension has also caused a significant decline in the labor force participation rate in the United States. It has dropped from 67% in 2000 to around 62% today.</p><p><img src=\"https://static.tigerbbs.com/b7ae51f632b488b5e3ae2fefd15f0b22\" tg-width=\"1107\" tg-height=\"755\" referrerpolicy=\"no-referrer\"/></p><p>It should be noted that the labor force participation rate counts the proportion of the population willing to participate in the labor force (including the number of employed and unemployed people looking for a job) to the working-age population (aged 16-64). This value mainly reflects the working willingness of the working-age labor force, and is not significantly affected by the change of population structure, especially the aging of the population.</p><p>As can be seen,<b>Due to the remarkable effect of wealth appreciation, in the past 20 years, especially after the financial crisis in 2008, the global \"big water release\" has led to an accelerated rise in U.S. stocks and a rapid decline in the labor participation rate, which means that this round of wealth appreciation has caused more people to choose not to work or retire early.</b></p><p>This has exacerbated the recent tight labor market in the United States, accelerated the growth of wages in the United States, and contributed to the further increase of inflation.</p><p>In addition, from the perspective of long-term data, this trend not only reduces the willingness of American residents to work, but also distorts the reference significance of economic data. The economic growth rate of the United States has dropped from about 5% before 2000 to about 2% before the epidemic, but the low unemployment rate has been even lower.</p><p><img src=\"https://static.tigerbbs.com/5a8b6cf636e99116ca7a0ff2f039e030\" tg-width=\"1109\" tg-height=\"756\" referrerpolicy=\"no-referrer\"/></p><p>In the period of upward inflation caused by the imbalance between supply and demand, this change makes the relationship between supply and demand in the labor market tighter, making it easier to raise wages, thus forming a \"wage-price\" spiral upward cycle.</p><p><b>Cooling U.S. stocks is also in</b>\"<b>help</b>\"<b>Labor force returns to work at an</b></p><p>Due to the wealth effect of the U.S. stock market in the past 20 years, more and more people choose not to work. In the context of the current big inflation and labor supply shortage, if the Federal Reserve exercises put options to protect the pension interests of U.S. residents, it may actually aggravate the labor force. Far away from labor market trends.</p><p>From the perspective of the ratio of labor participation rate to non-workers in the United States (1-labor participation rate), in addition to the special impact of COVID-19 pandemic, the decline of U.S. stocks in 2018 and 2022 has caused the phased expansion of the two-the labor force population Increase, non-working population decrease.</p><p><img src=\"https://static.tigerbbs.com/5be719aaba590412cc9c8f6b0b1b4071\" tg-width=\"1110\" tg-height=\"752\" referrerpolicy=\"no-referrer\"/></p><p>This may well indicate that the decline in the stock market did push the labor force back to the labor market.</p><p><b>Therefore, this round of Fed not only does not dare to let U.S. stocks strengthen, but even needs to use the power of the decline in U.S. stocks to \"help\" the labor force accelerate its return to work, so as to improve the dilemma of insufficient labor supply.</b></p><p></body></html></p>","source":"lsy1646046088746","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why does the Fed dare not save U.S. stocks?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy does the Fed dare not save U.S. stocks?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">见闻VIP会员</strong><span class=\"h-time small\">2022-06-22 22:34</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>The sustained and rapid rise of U.S. stocks for a long time has caused the U.S. labor force participation rate to continue to decrease, and the decline is more obvious. It shows that the appreciation of assets, including stock investment and pension, has caused more and more American laborers to leave the labor market, or have financial freedom, or reduce the pressure to retire early.</p><p>The current plunge in U.S. stocks has shrunk the assets of U.S. stock residents, but it is also beneficial-\"helping\" the labor force to accelerate its return to the labor market. This will help reverse the trend of labor leaving the labor market and help improve the shortage of labor supply; If U.S. stocks are maintained, the labor supply shortage may be exacerbated. This may also be one of the reasons why the Federal Reserve is afraid to save U.S. stocks.</p><p><b>Is there a side effect of U.S. stocks rising all the time?</b></p><p>After the U.S. CPI data hit a 40-year high in June and rate hike expectations heated up, U.S. stocks plunged sharply again. As of June 17, the S&P 500, Dow, and Nasdaq fell by 22.90%, 17.75%, and 30.98% respectively during the year.</p><p>The largest pullback/retracement of Nasdaq has reached 35% since the high point of this round, which has exceeded the largest pullback/retracement during the COVID-19 epidemic in 2020. Moreover, unlike at that time, it is no longer possible for the Federal Reserve to \"release water\" to rescue the market, and the downward cycle of US stocks seems to have not yet ended.</p><p>Insights VIP previously mentioned that due to the deep \"binding\" between American household assets and pensions, the plunge in US stocks has shrunk the wealth of American households. According to data from the Federal Reserve, the prices of real estate and other assets rose in the first quarter, but the equity assets brought about by the company's stock shrank more seriously.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ea2128b9ff440a2cd6f75fe3cba8f8f2\" tg-width=\"1089\" tg-height=\"521\" referrerpolicy=\"no-referrer\"/><span>Figure: Changes in net assets of American households and non-profit organizations (Source: Federal Reserve)</span></p><p>Considering that U.S. stocks fell more sharply in the second quarter than in the first quarter, the shrinkage will continue to increase in the second quarter.</p><p>Previously, the market had always believed that due to the deep binding between U.S. stocks and pensions, the Federal Reserve had a \"put option\" and would not let U.S. stocks fall. However, as inflation rises and the labor market is tight, the side effects of rising U.S. stocks have already appeared, and the Fed's abandonment of \"put options\" also has another profound meaning.</p><p><b>U.S. stocks have risen too much, and no one wants to work?</b></p><p>According to the data of the Federal Reserve, the largest proportion of the assets of the rich in the United States is corporate stocks and mutual funds, while the wealth of the middle class is mainly concentrated in stocks, funds and pensions.</p><p><img src=\"https://static.tigerbbs.com/7c6fff708501e31bfde5fcbf666ef1ed\" tg-width=\"1098\" tg-height=\"511\" referrerpolicy=\"no-referrer\"/></p><p>U.S. pensions are \"deeply bound\" to U.S. stocks, and more than 60% of pensions are allocated in the equity market.</p><p>The long bull of U.S. stocks has attracted a larger proportion of pensions into the market, bringing rich returns to pensions. But problems also follow. When the pension is earned \"too much\", it may make more people, especially the middle class, touch the threshold of \"financial freedom\" or \"worry-free old-age care\".</p><p>This will also reduce residents' willingness to participate in labor. Judging from the labor force participation rate and the trend of the stock market in the United States, over the past 20 years, under the dividend of the rapid development of the \"Internet of Technology\", U.S. stocks have increased tremendously, especially led by Nasdaq, with the largest increase of more than ten times in 20 years. The huge wealth appreciation effect brought about by the rapid appreciation of stock investment and pension has also caused a significant decline in the labor force participation rate in the United States. It has dropped from 67% in 2000 to around 62% today.</p><p><img src=\"https://static.tigerbbs.com/b7ae51f632b488b5e3ae2fefd15f0b22\" tg-width=\"1107\" tg-height=\"755\" referrerpolicy=\"no-referrer\"/></p><p>It should be noted that the labor force participation rate counts the proportion of the population willing to participate in the labor force (including the number of employed and unemployed people looking for a job) to the working-age population (aged 16-64). This value mainly reflects the working willingness of the working-age labor force, and is not significantly affected by the change of population structure, especially the aging of the population.</p><p>As can be seen,<b>Due to the remarkable effect of wealth appreciation, in the past 20 years, especially after the financial crisis in 2008, the global \"big water release\" has led to an accelerated rise in U.S. stocks and a rapid decline in the labor participation rate, which means that this round of wealth appreciation has caused more people to choose not to work or retire early.</b></p><p>This has exacerbated the recent tight labor market in the United States, accelerated the growth of wages in the United States, and contributed to the further increase of inflation.</p><p>In addition, from the perspective of long-term data, this trend not only reduces the willingness of American residents to work, but also distorts the reference significance of economic data. The economic growth rate of the United States has dropped from about 5% before 2000 to about 2% before the epidemic, but the low unemployment rate has been even lower.</p><p><img src=\"https://static.tigerbbs.com/5a8b6cf636e99116ca7a0ff2f039e030\" tg-width=\"1109\" tg-height=\"756\" referrerpolicy=\"no-referrer\"/></p><p>In the period of upward inflation caused by the imbalance between supply and demand, this change makes the relationship between supply and demand in the labor market tighter, making it easier to raise wages, thus forming a \"wage-price\" spiral upward cycle.</p><p><b>Cooling U.S. stocks is also in</b>\"<b>help</b>\"<b>Labor force returns to work at an</b></p><p>Due to the wealth effect of the U.S. stock market in the past 20 years, more and more people choose not to work. In the context of the current big inflation and labor supply shortage, if the Federal Reserve exercises put options to protect the pension interests of U.S. residents, it may actually aggravate the labor force. Far away from labor market trends.</p><p>From the perspective of the ratio of labor participation rate to non-workers in the United States (1-labor participation rate), in addition to the special impact of COVID-19 pandemic, the decline of U.S. stocks in 2018 and 2022 has caused the phased expansion of the two-the labor force population Increase, non-working population decrease.</p><p><img src=\"https://static.tigerbbs.com/5be719aaba590412cc9c8f6b0b1b4071\" tg-width=\"1110\" tg-height=\"752\" referrerpolicy=\"no-referrer\"/></p><p>This may well indicate that the decline in the stock market did push the labor force back to the labor market.</p><p><b>Therefore, this round of Fed not only does not dare to let U.S. stocks strengthen, but even needs to use the power of the decline in U.S. stocks to \"help\" the labor force accelerate its return to work, so as to improve the dilemma of insufficient labor supply.</b></p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/urRTjpdQp6P3QNKued-zAg\">见闻VIP会员</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5c7529fdbb41cb6b3c19bcb2904f4970","relate_stocks":{".DJI":"道琼斯"},"source_url":"https://mp.weixin.qq.com/s/urRTjpdQp6P3QNKued-zAg","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1122450899","content_text":"长期以来美股的持续、较快上涨，令美国劳动参与率持续降低，降幅较为明显。显示出包括股票投资、养老金在内的资产增值，令越来越多的美国劳动力离开劳动力市场，或财务自由，或压力减轻提前退休。目前美股暴跌，虽令美股居民资产缩水，但也有好处——\"帮助\"劳动力加速返回劳动力市场。这有助于扭转劳动力离开劳动力市场的趋势，帮助改善劳动力供给短缺；而如果维护美股，则可能加剧劳动力供给短缺。这可能也是美联储不敢救美股的原因之一。美股一直涨也是有副作用的？在6月份美国CPI数据创40年新高，加息预期升温后，美股再度大幅跳水，截至6月17日，标普500、道指、纳指年内跌幅分别达到22.90%、17.75%和30.98%。纳斯达克自本轮高点最大回撤幅度达到35%，已经超过了2020年新冠疫情时期的最大回撤。而且，与彼时不同，美联储已不可能再\"大放水\"救市了，美股的下行周期似乎仍未结束。见闻VIP此前提到，由于美国家庭资产与养老金深度\"绑定\"，美股暴跌令美国家庭财富缩水。根据美联储数据显示，一季度房地产等资产价格上涨，但公司股票带来的权益类资产缩水较为严重。图：美国家庭和非盈利组织净资产变化（来源：美联储）考虑到2季度美股跌的比1季度更凶，2季度该项缩水还会继续加大。此前市场一直认为由于美股与养老金深度绑定，美联储有\"看跌期权\"，不会放任美股下跌。但随着通胀上升、劳动力市场紧俏，美股上涨的副作用已经显现，美联储放弃\"看跌期权\"也另有深意。美股涨太多，都没人愿意干活了？根据美联储数据显示，美国富人的资产中比例最大的部分为公司股票、共同基金，而中产财富主要集中于股票、基金和养老金当中。而美国的养老金与美股\"深度绑定\"，养老金中超过60%的比例配置在权益市场。美股的长牛吸引了更大比例的养老金入市，为养老金带来了丰厚的回报。但问题也随之而来，当养老金赚的\"太多了\"，这可能让更多人，尤其是中产阶级摸到了\"财务自由\"门槛、或者说\"养老无忧\"。而这也会降低居民参与劳动的意愿。从美国的劳动参与率和股市的走势来看，20多年来，在\"科技互联网\"高速发展的红利之下，美股涨幅巨大，尤其以纳斯达克为首，20年间最大涨幅超过十倍。股票投资、养老金快速增值带来的巨大财富增值效应也令美国的劳动参与率显著下滑。从2000年的67%降至目前的62%附近。需要注意的是，劳动参与率统计的是愿意参与劳动的人口（包括就业和在找工作的失业人数）相对适龄劳动人口（16-64岁人口）的比例。该数值主要反应适龄劳动力的工作意愿，受人口结构变化、尤其是人口老龄化的影响并不显著。可以看出，由于财富增值效应显著，近20年来，尤其是08年金融危机后，全球\"大放水\"导致美股加速上涨，劳动参与率也快速下滑，意味着这一轮财富增值令更多的人选择不工作或提前退休。这就加剧了近期美国劳动力市场紧俏的局面，加速了美国薪资的增长，为通胀进一步上升\"添砖加瓦\"。另外，从长期数据来看，这种趋势除了降低了美国居民的劳动意愿，也扭曲了经济数据的参考意义。美国的经济增速从2000年前的5%左右，降至疫情前2%左右水平，但失业率低点却更低了。在由供需不平衡引发的通胀上行时期，这种变化就令劳动力市场的供求关系更加紧俏，从而更易于涨薪，进而形成\"薪资-物价\"螺旋式上升循环。给美股降温，也是在\"帮助\"劳动力加速返岗由于美股过去20年的财富效应令越来越多的人选择不工作，在当前大通胀、劳动力供给短缺的背景下，美联储如果在行使「看跌期权」保卫美国居民养老金利益，可能会反而加剧劳动力远离劳动力市场的趋势。从美国的劳动参与率与非劳动者比例（1-劳动参与率）来看，除了新冠疫情的特殊影响外，2018年及2022年的美股下跌，都造成了二者阶段性走阔——劳动人口增加、非劳动人口减少。这很可能说明，股市下跌的确推动了劳动力返回劳动力市场。因此，本轮美联储不仅不敢让美股走强，甚至还需要借助美股下跌的力量来\"帮助\"劳动力加速返岗，以改善劳动力供给不足的困境。","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1144,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9054237843,"gmtCreate":1655391644582,"gmtModify":1676535629202,"author":{"id":"3578098715246654","authorId":"3578098715246654","name":"开洱文","avatar":"https://community-static.tradeup.com/news/e6a32c6dd5e85c5b3bf6c591b38391d6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578098715246654","idStr":"3578098715246654"},"themes":[],"htmlText":"6","listText":"6","text":"6","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9054237843","repostId":"2243974660","repostType":2,"repost":{"id":"2243974660","kind":"highlight","pubTimestamp":1655360539,"share":"https://ttm.financial/m/news/2243974660?lang=en_US&edition=fundamental","pubTime":"2022-06-16 14:22","market":"us","language":"zh","title":"The \"Lehman crisis\" in the currency circle is fermenting, and now it's the turn of hedge funds!","url":"https://stock-news.laohu8.com/highlight/detail?id=2243974660","media":"华尔街见闻","summary":"继5月中旬稳定币UST和其姊妹代币LUNA遭遇了“死亡踩踏”之后，眼看着币圈从“货币危机”发酵到“银行危机”，随后新的危机接踵而至——这次轮到了对冲基金。币圈“雷曼危机”蔓延到了对冲基金在传统金融中，当公司试图通过亏本出售某些资产来偿还债务时，就会发生清算。为了防止挤兑，Celsius周一宣布冻结提款，此举引发了市场担忧。在“货币危机”和“银行危机”之后，币圈的新危机蔓延到了对冲基金身上。","content":"<p><html><head></head><body>After the stablecoin UST and its sister token LUNA encountered a \"death stampede\" in mid-May, watching the currency circle ferment from a \"currency crisis\" to a \"banking crisis\", and then new crises followed-this time it was the turn of hedge funds.</p><p>Sources said that affected by the thunderstorms of cryptocurrencies LUNA and UST, as one of the largest hedge funds in the cryptocurrency market, Three Arrows Capital (Three Arrows Capital) may face bankruptcy after a large number of liquidations.</p><p>According to The Defiant, a decentralized finance (DeFi) news and information platform, on Tuesday local time, Dubai-based Three Arrows Capital liquidated approximately US $45 million in stETH, a type of Ethereum staked on the Ethereum beacon chain. (ETH), Three Arrows Capital has therefore become the largest token seller in the past week.</p><p>What worries investors even more is that according to The<a href=\"https://laohu8.com/S/SQ\">Block</a>Three Arrows Capital's total liquidation on lending platforms such as Deribit and BlockFi may be as high as $400 million, it said.</p><p><b>If all is true, then Three Arrows Capital is likely to face bankruptcy.</b></p><p><b>The \"Lehman Crisis\" in the Currency Circle Spread to Hedge Funds</b></p><p>In traditional finance, liquidation occurs when a company tries to pay off its debts by selling certain assets at a loss. Whereas in the DeFi space, funds or protocols sell crypto assets to repay their debts.</p><p>As one of the largest hedge funds in the cryptocurrency market, Three Arrows Capital's investment portfolio once included tokens such as Avalanche, Solana, Polkadot and Terra, and is a \"top stream\" that cannot be ignored among hedge funds in the currency circle.</p><p>According to some media, the asset management scale of Sanjian Capital once reached 10 billion US dollars.</p><p>However, in the strong portfolio once owned by Three Arrows Capital, Terra is currently down to almost zero, Solana and Avalanche are down 77% and 90% respectively since their respective record highs, and the venture capital \"top stream\" seems to be in trouble.</p><p>Subsequently, a new tweet from Zhu Su, co-founder of Three Arrows Capital, appeared to confirm these speculations and further raised concerns about potential ripple effects in the crypto lending market.</p><p>On Tuesday night local time, Zhu Su tweeted:</p><p>We are communicating with relevant parties and are committed to resolving this issue completely.<img src=\"https://static.tigerbbs.com/f6b708a7a29bccba67d263ac9fb182d7\" tg-width=\"523\" tg-height=\"281\" referrerpolicy=\"no-referrer\"/><b>Crypto Market Crash: From 'Currency Crisis' to 'Banking Crisis'</b></p><p>Before investors discovered something was wrong with hedge funds, banks in the currency circle had already taken the lead in thunderstorms.</p><p><b>As the recent U.S. CPI data continues to rise beyond expectations and repeatedly refresh 40-year highs, the Federal Reserve has vowed to suppress high inflation, and the market expects the Federal Reserve to continue its aggressive rate hike.</b></p><p><b>Affected by this, global risk assets collectively plunged.</b></p><p>As the era of abundant liquidity is gone forever, cryptocurrency investors are \"shivering\", and the cryptocurrency market that once took advantage of the east wind is \"facing the cold winter.\"</p><p>Not only did Bitcoin, the largest market value, \"fall endlessly\", but the \"death stampede\" encountered by UST, the third largest stablecoin, and its sister token Luna, caused market shocks.</p><p>A previous article on Wall Street Journal mentioned that affected by the collapse of risky assets, the business of currency bank and crypto lending giant Celsius faced a critical blow.</p><p>In an effort to prevent a run, Celsius announced a withdrawal freeze on Monday, a move that sparked market concerns.</p><p><b>Investors fear that if Celsius is asked to cease operations, there will be a ripple effect on the dozens of DeFi projects, cryptocurrencies and other digital assets involved.</b></p><p>According to some media, Celsius' position in the industry should not be underestimated. The company claims to have 1.7 million users. The company had $11.8 billion worth of assets as of May 17.</p><p>In addition, investors are also worried about whether Celsius shareholder Tether Limited, the issuer of Tether, the world's largest stablecoin, will also be dragged into the water. You know, Tether exists like Lehman Brothers in the currency circle.</p><p>Tether, the largest operator in the $180 billion stablecoin space, plays a key role in facilitating transactions across the cryptocurrency market, and also provides links to the mainstream financial system, equivalent to the currency financial infrastructure.</p><p>On Monday, Tether tried to \"distance himself\" from Celsius in a blog post:</p><p>While Tether does include an investment in the company (Celsius) in its portfolio, it represents only a small portion of our shareholders' equity and there is no correlation between this investment and our own reserves or stability. In this regard, Saleuddin of encryption media company Blockworks said that due to the ambiguity of what Tether disclosed, it was impossible to know exactly how much risk Tether's assets were facing.</p><p><b>Will Three Arrows Capital be the latest domino to fall in the crypto bear market?</b></p><p>After the \"currency crisis\" and \"banking crisis\", a new crisis in the currency circle spread to hedge funds.</p><p>Cryptocurrency trader Moon Overlord noted that Celsius has not been the biggest seller of stETH over the past few days. He said:</p><p><b>Some people think that Celsius is the largest stETH dumper, but in fact, Three Arrows Capital is.</b>Three Arrows Capital is dumping the accounts and seed round investment addresses they own, most of which appear to be to pay off their debts and outstanding borrowings.<img src=\"https://static.tigerbbs.com/78124b2fe0b2939c49760263db9c398f\" tg-width=\"509\" tg-height=\"826\" referrerpolicy=\"no-referrer\"/>Furthermore, according to DeFi analyst DeFiyst, Three Arrows Capital's \"big sale\" of stETH began right after Terra's UST stablecoin crash in May this year, who noted:</p><p>The price of stETH relative to ETH briefly fell to 95 cents in May, and Three Arrows Capital withdrew 127,000 stETH from Curve, which was $246 million at the time. They had been operating frequently between AAVE and wstETH before the sell-off began this week. It is worth noting that stETH should be traded at a 1: 1 ratio with ETH, as the derivative token stETH can be exchanged for Ethereum once the mainnet merger occurs.</p><p>However, since June 9, the \"peg\" ratio has shown signs of decline, and once fell to 0.89.</p><p>As of press time on June 16, the stETH-to-ETH exchange ratio on Curve fell to 0.93, and the market cap of stETH has dropped to $4 billion from about $10 billion in early May.</p><p><img src=\"https://static.tigerbbs.com/adc497aa733d961bad25f176a45038cb\" tg-width=\"248\" tg-height=\"123\" referrerpolicy=\"no-referrer\"/></p><p>According to data from the on-chain data analysis platform Nansen, on Tuesday, Three Arrows Capital withdrew 80,000 stETH from the decentralized lending protocol Aave and exchanged 38,900 stETH in two transactions at a price difference of 5.6%-5.9% (approximately $45 million).</p><p>According to The Block, a $400 million position in Three Arrows Capital has been liquidated. In addition, cryptocurrency analyst Onchain Wizard also said that if the market continues to fall, another $300 million of Three Arrows Capital's positions in Aave and Compound will also face liquidation risks.</p><p></body></html></p>","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The \"Lehman crisis\" in the currency circle is fermenting, and now it's the turn of hedge funds!</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe \"Lehman crisis\" in the currency circle is fermenting, and now it's the turn of hedge funds!\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2022-06-16 14:22</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>After the stablecoin UST and its sister token LUNA encountered a \"death stampede\" in mid-May, watching the currency circle ferment from a \"currency crisis\" to a \"banking crisis\", and then new crises followed-this time it was the turn of hedge funds.</p><p>Sources said that affected by the thunderstorms of cryptocurrencies LUNA and UST, as one of the largest hedge funds in the cryptocurrency market, Three Arrows Capital (Three Arrows Capital) may face bankruptcy after a large number of liquidations.</p><p>According to The Defiant, a decentralized finance (DeFi) news and information platform, on Tuesday local time, Dubai-based Three Arrows Capital liquidated approximately US $45 million in stETH, a type of Ethereum staked on the Ethereum beacon chain. (ETH), Three Arrows Capital has therefore become the largest token seller in the past week.</p><p>What worries investors even more is that according to The<a href=\"https://laohu8.com/S/SQ\">Block</a>Three Arrows Capital's total liquidation on lending platforms such as Deribit and BlockFi may be as high as $400 million, it said.</p><p><b>If all is true, then Three Arrows Capital is likely to face bankruptcy.</b></p><p><b>The \"Lehman Crisis\" in the Currency Circle Spread to Hedge Funds</b></p><p>In traditional finance, liquidation occurs when a company tries to pay off its debts by selling certain assets at a loss. Whereas in the DeFi space, funds or protocols sell crypto assets to repay their debts.</p><p>As one of the largest hedge funds in the cryptocurrency market, Three Arrows Capital's investment portfolio once included tokens such as Avalanche, Solana, Polkadot and Terra, and is a \"top stream\" that cannot be ignored among hedge funds in the currency circle.</p><p>According to some media, the asset management scale of Sanjian Capital once reached 10 billion US dollars.</p><p>However, in the strong portfolio once owned by Three Arrows Capital, Terra is currently down to almost zero, Solana and Avalanche are down 77% and 90% respectively since their respective record highs, and the venture capital \"top stream\" seems to be in trouble.</p><p>Subsequently, a new tweet from Zhu Su, co-founder of Three Arrows Capital, appeared to confirm these speculations and further raised concerns about potential ripple effects in the crypto lending market.</p><p>On Tuesday night local time, Zhu Su tweeted:</p><p>We are communicating with relevant parties and are committed to resolving this issue completely.<img src=\"https://static.tigerbbs.com/f6b708a7a29bccba67d263ac9fb182d7\" tg-width=\"523\" tg-height=\"281\" referrerpolicy=\"no-referrer\"/><b>Crypto Market Crash: From 'Currency Crisis' to 'Banking Crisis'</b></p><p>Before investors discovered something was wrong with hedge funds, banks in the currency circle had already taken the lead in thunderstorms.</p><p><b>As the recent U.S. CPI data continues to rise beyond expectations and repeatedly refresh 40-year highs, the Federal Reserve has vowed to suppress high inflation, and the market expects the Federal Reserve to continue its aggressive rate hike.</b></p><p><b>Affected by this, global risk assets collectively plunged.</b></p><p>As the era of abundant liquidity is gone forever, cryptocurrency investors are \"shivering\", and the cryptocurrency market that once took advantage of the east wind is \"facing the cold winter.\"</p><p>Not only did Bitcoin, the largest market value, \"fall endlessly\", but the \"death stampede\" encountered by UST, the third largest stablecoin, and its sister token Luna, caused market shocks.</p><p>A previous article on Wall Street Journal mentioned that affected by the collapse of risky assets, the business of currency bank and crypto lending giant Celsius faced a critical blow.</p><p>In an effort to prevent a run, Celsius announced a withdrawal freeze on Monday, a move that sparked market concerns.</p><p><b>Investors fear that if Celsius is asked to cease operations, there will be a ripple effect on the dozens of DeFi projects, cryptocurrencies and other digital assets involved.</b></p><p>According to some media, Celsius' position in the industry should not be underestimated. The company claims to have 1.7 million users. The company had $11.8 billion worth of assets as of May 17.</p><p>In addition, investors are also worried about whether Celsius shareholder Tether Limited, the issuer of Tether, the world's largest stablecoin, will also be dragged into the water. You know, Tether exists like Lehman Brothers in the currency circle.</p><p>Tether, the largest operator in the $180 billion stablecoin space, plays a key role in facilitating transactions across the cryptocurrency market, and also provides links to the mainstream financial system, equivalent to the currency financial infrastructure.</p><p>On Monday, Tether tried to \"distance himself\" from Celsius in a blog post:</p><p>While Tether does include an investment in the company (Celsius) in its portfolio, it represents only a small portion of our shareholders' equity and there is no correlation between this investment and our own reserves or stability. In this regard, Saleuddin of encryption media company Blockworks said that due to the ambiguity of what Tether disclosed, it was impossible to know exactly how much risk Tether's assets were facing.</p><p><b>Will Three Arrows Capital be the latest domino to fall in the crypto bear market?</b></p><p>After the \"currency crisis\" and \"banking crisis\", a new crisis in the currency circle spread to hedge funds.</p><p>Cryptocurrency trader Moon Overlord noted that Celsius has not been the biggest seller of stETH over the past few days. He said:</p><p><b>Some people think that Celsius is the largest stETH dumper, but in fact, Three Arrows Capital is.</b>Three Arrows Capital is dumping the accounts and seed round investment addresses they own, most of which appear to be to pay off their debts and outstanding borrowings.<img src=\"https://static.tigerbbs.com/78124b2fe0b2939c49760263db9c398f\" tg-width=\"509\" tg-height=\"826\" referrerpolicy=\"no-referrer\"/>Furthermore, according to DeFi analyst DeFiyst, Three Arrows Capital's \"big sale\" of stETH began right after Terra's UST stablecoin crash in May this year, who noted:</p><p>The price of stETH relative to ETH briefly fell to 95 cents in May, and Three Arrows Capital withdrew 127,000 stETH from Curve, which was $246 million at the time. They had been operating frequently between AAVE and wstETH before the sell-off began this week. It is worth noting that stETH should be traded at a 1: 1 ratio with ETH, as the derivative token stETH can be exchanged for Ethereum once the mainnet merger occurs.</p><p>However, since June 9, the \"peg\" ratio has shown signs of decline, and once fell to 0.89.</p><p>As of press time on June 16, the stETH-to-ETH exchange ratio on Curve fell to 0.93, and the market cap of stETH has dropped to $4 billion from about $10 billion in early May.</p><p><img src=\"https://static.tigerbbs.com/adc497aa733d961bad25f176a45038cb\" tg-width=\"248\" tg-height=\"123\" referrerpolicy=\"no-referrer\"/></p><p>According to data from the on-chain data analysis platform Nansen, on Tuesday, Three Arrows Capital withdrew 80,000 stETH from the decentralized lending protocol Aave and exchanged 38,900 stETH in two transactions at a price difference of 5.6%-5.9% (approximately $45 million).</p><p>According to The Block, a $400 million position in Three Arrows Capital has been liquidated. In addition, cryptocurrency analyst Onchain Wizard also said that if the market continues to fall, another $300 million of Three Arrows Capital's positions in Aave and Compound will also face liquidation risks.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3662147\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e8de43451c68f57a0fdb81f66644722a","relate_stocks":{".DJI":"道琼斯","DJX":"1/100道琼斯","DXD":"两倍做空道琼30指数ETF-ProShares","QLD":"2倍做多纳斯达克100指数ETF-ProShares","SQQQ":"纳指三倍做空ETF","DOG":"道指ETF-ProShares做空","BK4508":"社交媒体","BK4077":"互动媒体与服务","BK4534":"瑞士信贷持仓","QID":"两倍做空纳斯达克指数ETF-ProShares","DDM":"2倍做多道指ETF-ProShares","TQQQ":"纳指三倍做多ETF","QNETCN":"纳斯达克中美互联网老虎指数","BK4516":"特朗普概念","PSQ":"做空纳斯达克100指数ETF-ProShares","BK4579":"人工智能","TWTR":"Twitter","QQQ":"纳指100ETF",".IXIC":"NASDAQ Composite","SDOW":"三倍做空道指30ETF-ProShares","UDOW":"三倍做多道指30ETF-ProShares"},"source_url":"https://wallstreetcn.com/articles/3662147","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2243974660","content_text":"继5月中旬稳定币UST和其姊妹代币LUNA遭遇了“死亡踩踏”之后，眼看着币圈从“货币危机”发酵到“银行危机”，随后新的危机接踵而至——这次轮到了对冲基金。有消息人士表示，受到加密货币LUNA和UST暴雷的影响，作为加密货币市场最大的对冲基金之一，三箭资本（Three Arrows Capital）可能将在大量清算后面临破产。据去中心化金融（DeFi）新闻资讯平台The Defiant称，当地时间周二，总部位于迪拜的三箭资本清算了大约4500万美元的stETH，这是一种质押在以太坊信标链上的以太坊（ETH），三箭资本也因此成为过去一周中最大的代币卖家。更令投资者担忧的是，据The Block称，三箭资本在Deribit和BlockFi等借贷平台的清算总额可能高达4亿美元。如果一切属实，那么三箭资本很可能即将面临破产。币圈“雷曼危机”蔓延到了对冲基金在传统金融中，当公司试图通过亏本出售某些资产来偿还债务时，就会发生清算。而在DeFi领域，基金或协议出售加密资产以偿还其债务。作为加密货币市场最大的对冲基金之一，三箭资本的投资组合曾包括Avalanche、Solana、Polkadot和Terra等代币，是币圈对冲基金中不可忽视的“顶流”。有媒体称，三箭资本资产管理规模一度达到100亿美元。然而，在三箭资本曾拥有的强大投资组合中，目前Terra几乎跌至零，Solana和Avalanche在各自创下历史新高以来分别下跌了77%和90%，风投“顶流”似乎陷入了困境。随后，三箭资本的联合创始人Zhu Su的新推文似乎证实了这些猜测，并进一步引发了人们对加密借贷市场潜在连锁反应的担忧。当地时间周二晚间，Zhu Su发表推文称：我们正在与相关方进行沟通，并致力于完全解决这个问题。加密货币市场崩盘：从“货币危机”到“银行危机”在投资者发现对冲基金不对劲之前，币圈银行就已经率先暴雷了。由于近期的美国CPI数据持续超预期上升，并一再刷新40年来新高，美联储发誓要按下高通胀，市场预期美联储将会持续激进加息。受此影响，全球风险资产集体跳水。随着流动性充裕的时代一去不复返，加密货币投资者“瑟瑟发抖”，曾经乘东风直上的加密货币市场“直面寒冬”。不仅第一大市值比特币“跌跌不休”，第三大稳定币UST和其姊妹代币Luna遭遇的“死亡踩踏”更是引发市场震动。华尔街见闻此前文章提及，受到风险资产崩盘的影响，币圈银行、加密借贷巨头Celsius的业务直面暴击。为了防止挤兑，Celsius周一宣布冻结提款，此举引发了市场担忧。投资者担心，如果Celsius被要求停止运营，那么相关数十个DeFi项目、加密货币和其他数字资产都将出现连锁反应。有媒体称，Celsius在业内地位不容小觑，该公司号称拥有170万用户。截至5月17日，该公司拥有价值118亿美元的资产。此外，投资者还担心，Celsius的股东Tether Limited——全球最大稳定币Tether的发行商是否也会被拖下水。要知道，Tether在币圈中是如雷曼兄弟一样的存在。Tether是价值1800亿美元的稳定币领域最大的运营商，在促进整个加密货币市场的交易方面发挥着关键作用，还提供了与主流金融系统的联系，相当于币圈金融基础设施。本周一，Tether在一篇博文中试图与Celsius“保持距离”：虽然在Tether的投资组合中确实包括对公司（Celsius）的投资，但只占我们股东权益的一小部分，这项投资与我们自己的储备或稳定性之间没有相关性。对此，加密媒体公司Blockworks的Saleuddin表示，由于Tether所披露的内容含糊不清，因此无法确切知道Tether的资产正在面临多大风险。三箭资本会是加密熊市中最新倒下的多米诺骨牌吗？在“货币危机”和“银行危机”之后，币圈的新危机蔓延到了对冲基金身上。加密货币交易员Moon Overlord指出，在过去几天中，Celsius并不是stETH的最大卖家。他表示：有人认为Celsius是最大的stETH倾销者，但是事实上，三箭资本才是。三箭资本正在倾销他们拥有的账户和种子轮投资地址，大多数看起来都是为了偿还他们的债务和未偿还的借款。此外，根据DeFi分析师DeFiyst的说法，三箭资本对stETH的“大甩卖”于今年5月Terra的UST稳定币崩盘之后就开始了，他指出：stETH相对于ETH的价格曾在5月份短暂跌至95美分，三箭资本从当时为2.46亿美元的Curve中提取了12.7万stETH。在本周开始抛售之前，他们一直在AAVE和wstETH之间频繁操作。值得注意的是，stETH应该与ETH以1:1的比例交易，因为一旦主网合并发生，衍生代币stETH就可以兑换为以太坊。然而，自从6月9日以来，该“挂钩”比例已经出现下滑迹象，并一度跌至0.89。6月16日截至发稿时，Curve上的stETH与ETH兑换比例跌至0.93，stETH的市值已从5月初的约100亿美元降至40亿美元。链上数据分析平台Nansen的数据显示，本周二，三箭资本从去中心化借贷协议Aave中提取了8万stETH，并在两笔交易中以5.6%-5.9%的价差兑换了3.89万stETH（约4500万美元）。据The Block称，三箭资本的4亿美元头寸已经被清算。此外，加密货币分析师Onchain Wizard还称，如果市场继续下跌，三箭资本在Aave和Compound的另外3亿美元头寸也将面临清算风险。","news_type":1,"symbols_score_info":{"TWTR":0.63,"DJX":0.6,"SDOW":0.6,"PSQ":0.6,"QQQ":0.6,"QLD":0.6,".IXIC":0.76,"NQmain":0.6,".DJI":0.62,"SQQQ":0.6,"QNETCN":0.6,"DOG":0.6,"DXD":0.6,"MNQmain":0.6,"DDM":0.6,"QID":0.6,"TQQQ":0.6,"UDOW":0.6}},"isVote":1,"tweetType":1,"viewCount":1171,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9053345186,"gmtCreate":1654488169545,"gmtModify":1676535456403,"author":{"id":"3578098715246654","authorId":"3578098715246654","name":"开洱文","avatar":"https://community-static.tradeup.com/news/e6a32c6dd5e85c5b3bf6c591b38391d6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578098715246654","idStr":"3578098715246654"},"themes":[],"htmlText":"6","listText":"6","text":"6","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9053345186","repostId":"1183072286","repostType":2,"isVote":1,"tweetType":1,"viewCount":1515,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9053345308,"gmtCreate":1654488161804,"gmtModify":1676535456403,"author":{"id":"3578098715246654","authorId":"3578098715246654","name":"开洱文","avatar":"https://community-static.tradeup.com/news/e6a32c6dd5e85c5b3bf6c591b38391d6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578098715246654","idStr":"3578098715246654"},"themes":[],"htmlText":"66","listText":"66","text":"66","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9053345308","repostId":"1183072286","repostType":2,"isVote":1,"tweetType":1,"viewCount":1484,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9053342329,"gmtCreate":1654488025561,"gmtModify":1676535456388,"author":{"id":"3578098715246654","authorId":"3578098715246654","name":"开洱文","avatar":"https://community-static.tradeup.com/news/e6a32c6dd5e85c5b3bf6c591b38391d6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578098715246654","idStr":"3578098715246654"},"themes":[],"htmlText":"66","listText":"66","text":"66","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9053342329","repostId":"1183072286","repostType":2,"isVote":1,"tweetType":1,"viewCount":1179,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9067146434,"gmtCreate":1652431116528,"gmtModify":1676535099444,"author":{"id":"3578098715246654","authorId":"3578098715246654","name":"开洱文","avatar":"https://community-static.tradeup.com/news/e6a32c6dd5e85c5b3bf6c591b38391d6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578098715246654","idStr":"3578098715246654"},"themes":[],"htmlText":"6","listText":"6","text":"6","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9067146434","repostId":"1136768096","repostType":4,"repost":{"id":"1136768096","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1652407455,"share":"https://ttm.financial/m/news/1136768096?lang=en_US&edition=fundamental","pubTime":"2022-05-13 10:04","market":"hk","language":"zh","title":"Hong Kong stocks opened higher and moved higher, and the Hang Seng Technology Index gained to 4%","url":"https://stock-news.laohu8.com/highlight/detail?id=1136768096","media":"老虎资讯综合","summary":"5月13日，港股高开高走，恒生指数涨超2%，恒生科技指数涨幅扩大至4%，华虹半导体涨超10%。","content":"<p><html><head></head><body>On May 13, Hong Kong stocks opened higher and moved higher, the Hang Seng Index rose more than 2%, and the Hang Seng Technology Index rose to 4%.<a href=\"https://laohu8.com/S/01347\">Hua Hong Semiconductor</a>Up more than 10%.</p><p><img src=\"https://static.tigerbbs.com/311121d8319c865984c3453d966f6946\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hong Kong stocks opened higher and moved higher, and the Hang Seng Technology Index gained to 4%</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ 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border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHong Kong stocks opened higher and moved higher, and the Hang Seng Technology Index gained to 4%\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2022-05-13 10:04</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>On May 13, Hong Kong stocks opened higher and moved higher, the Hang Seng Index rose more than 2%, and the Hang Seng Technology Index rose to 4%.<a href=\"https://laohu8.com/S/01347\">Hua Hong Semiconductor</a>Up more than 10%.</p><p><img src=\"https://static.tigerbbs.com/311121d8319c865984c3453d966f6946\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c1cb237e736a4e03c939622e7b71e8e7","relate_stocks":{"HSTECH":"恒生科技指数","HSI":"恒生指数"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1136768096","content_text":"5月13日，港股高开高走，恒生指数涨超2%，恒生科技指数涨幅扩大至4%，华虹半导体涨超10%。","news_type":1,"symbols_score_info":{"HSTECH":0.9,"HSI":0.9}},"isVote":1,"tweetType":1,"viewCount":938,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9067146553,"gmtCreate":1652431109072,"gmtModify":1676535099436,"author":{"id":"3578098715246654","authorId":"3578098715246654","name":"开洱文","avatar":"https://community-static.tradeup.com/news/e6a32c6dd5e85c5b3bf6c591b38391d6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578098715246654","idStr":"3578098715246654"},"themes":[],"htmlText":"6","listText":"6","text":"6","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9067146553","repostId":"1136768096","repostType":4,"isVote":1,"tweetType":1,"viewCount":1599,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":9034562120,"gmtCreate":1647921593922,"gmtModify":1676534280555,"author":{"id":"3578098715246654","authorId":"3578098715246654","name":"开洱文","avatar":"https://community-static.tradeup.com/news/e6a32c6dd5e85c5b3bf6c591b38391d6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578098715246654","idStr":"3578098715246654"},"themes":[],"htmlText":"6","listText":"6","text":"6","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9034562120","repostId":"2221476056","repostType":4,"isVote":1,"tweetType":1,"viewCount":885,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9036670278,"gmtCreate":1647086801284,"gmtModify":1676534194194,"author":{"id":"3578098715246654","authorId":"3578098715246654","name":"开洱文","avatar":"https://community-static.tradeup.com/news/e6a32c6dd5e85c5b3bf6c591b38391d6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578098715246654","idStr":"3578098715246654"},"themes":[],"htmlText":"66","listText":"66","text":"66","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9036670278","repostId":"1162064213","repostType":4,"repost":{"id":"1162064213","kind":"news","pubTimestamp":1647070773,"share":"https://ttm.financial/m/news/1162064213?lang=en_US&edition=fundamental","pubTime":"2022-03-12 15:39","market":"us","language":"zh","title":"Why wouldn't Ruixing die?","url":"https://stock-news.laohu8.com/highlight/detail?id=1162064213","media":"蓝鲨消费","summary":"2月8日，谷爱凌凭1620超高难度动作的最后一跳，绝地反击夺得北京冬奥会女子自由式大跳台冠军。瑞幸咖啡（以下简称瑞幸）也开始了它的绝地反击，重新登顶之路。一夜之间，瑞幸全国数千家门店竖起代言人谷爱凌的","content":"<p><html><head></head><body>On February 8, Gu Ailing won the women's freestyle Big air championship at the Beijing Winter Olympics with the last jump of 1620 ultra-difficult movements. Ruixing Coffee (hereinafter referred to as Ruixing) also started its Jedi counterattack and reached the top again.</p><p>Overnight, thousands of Luckin stores across the country put up advertisements for spokesperson Gu Ailing. Consumers can receive a 42% discount coupon package for winning the championship and \"cheers to winning the championship\" together.</p><p><img src=\"https://static.tigerbbs.com/f8eb32a369c86c9c2f6afcbe240362cc\" tg-width=\"1066\" tg-height=\"1421\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>△ After Gu Ailing won the championship, Ruixing immediately changed the product packaging</p><p>Soon, Luckin Coffee announced that its number of stores reached 5,300, surpassing Starbucks again and becoming the largest coffee chain brand in China. There are even news in the media that Ruixing wants to go public for the second time.</p><p>Ruixing can indeed travel lightly again.</p><p>On February 5, Ruixing paid a fine of US $180 million (approximately 1.2 billion yuan) to the US Securities and Exchange Commission, and the two parties reached a settlement. Earlier on January 27, the buyer consortium led by Luckin's PE round investor Dacheng Capital acquired 384 million Class A ordinary shares from Luckin's original management, obtained more than 50% of the voting rights, and became Luckin's \"talker\".</p><p>Ruixing, which blew up its financial fraud scandal in April 2020, has been hanging over the two boots of stock investor lawsuits and management turmoil for the past two years, and now they have finally fallen.</p><p>In the past two years, how did Ruixing come back from the situation of \"life hanging by a thread\"? Why will Ruixing, who has been critically hit repeatedly, not die?</p><p>01 Listing, fraud, delisting, infighting</p><p>It only took 11 months for Ruixing to go from the highlight moment of its fastest listing to its fall from the altar.</p><p>On May 17, 2019, Ruixing was listed on Nasdaq with a market value of US $4.74 billion. It set a new record for the fastest time from founding to IPO of a company in the world-18.5 months. What's even more awesome is that Ruixing, founded in 2017, had 2,370 stores before listing, and its revenue also rose from 250,000 yuan in 2017 to 841 million yuan in 2018, becoming the second largest coffee in China after Starbucks. Chain brand. Subsequently, Ruixing's market value soared, exceeding US $11.9 billion on January 17, 2020.</p><p><img src=\"https://static.tigerbbs.com/de1f43e3f37d60f420e5fea21defed99\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>△ Luckin Coffee goes public on Nasdaq</p><p>If you want it to perish, let it go crazy first!</p><p>On January 31, 2020, Muddy Waters of the United States accused Ruixing of financial fraud. This is not the first time that Muddy Waters has shorted Chinese companies. New Oriental, 360 and other companies have been \"screwed up\", and then they are all fine. Therefore, on February 3, Luckin Chairman Lu Zhengyao firmly denied it with confidence.</p><p>Soon, Lu Zhengyao was slapped in the face. On April 2, Ruixing announced the results of self-examination. Chief Operating Officer Liu Jian and some of his subordinates falsified transaction sales from the second quarter to the fourth quarter of 2019, with a total amount of approximately 2.2 billion yuan. This exceeds 72% of Ruixing's total revenue in 2019 (3.025 billion yuan). Darling, 70% of your income depends on fraud. Ruixing really dares!</p><p>The price of fraud is high, and Ruixing's stock price plummeted 81.6%. On May 19, 2020, Nasdaq informed Ruixing that it must delist. On June 29, 2020, Ruixing was delisted from Nasdaq, and its stock price has dropped from the highest of US $51.38 per share to only US $1.38 per share, becoming a veritable \"penny stock\".</p><p>On July 13th, as the chairman of the board, Lu Zhengyao was ousted from the throne of the chairman by the capital with heavy losses and replaced by the agent Guo Jinyi.</p><p>You know, even if it is delisted, Ruixing, which still has 3,898 self-operated stores as of November 30, 2020, is still continuously generating cash flow, with revenue reaching 4.033 billion yuan in 2020. Ruixing is a treasure that can lay golden eggs.</p><p>Lu Zhengyao, who once created the myth of CAR Rental, UCAR, and Ruixing, is naturally unwilling to go out.</p><p>In January 2021, under his instruction, Ruixing's seven vice presidents, general managers of all branches, and some business executives jointly requested the dismissal of Guo Jinyi on the grounds that Guo was corrupt. This quickly turned out to be a trumped-up \"charge\" and a conspiracy by Lu. If one plan fails, another plan will be born. In September 2021, Lu Zhengyao secretly entrusted a third party to acquire Ruixing's equity. After being discovered, Ruixing launched a shareholder rights protection plan to prevent Lu Zhengyao from returning to the curve through hostile takeover.</p><p><img src=\"https://static.tigerbbs.com/7b5944ac26f37f9d2e206f1628dcbce5\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>△ Lu Zhengyao, former chairman of Luckin</p><p>There is no hope of regaining Ruixing. Lu Zhengyao can only start trying new projects such as small noodles one after another, but he is already notorious in the capital market. Who dares to gamble with him again?</p><p>02 Ruixing's \"undead gene\"</p><p>In the past two years, despite the outside world's eyes, Ruixing is tottering and may die at any time. In fact, Ruixing is not only alive, but also seems to be living well.</p><p>Luckin's stores have expanded from 3,898 on November 30, 2020 to 5,300 now, surpassing Starbucks to become the coffee chain brand with the largest number of stores in China. Revenue also rose from 4.033 billion yuan in 2020 to 5.532 billion yuan in September 2021, and losses narrowed from 1.733 billion yuan in the third quarter of 2020 to 23.51 million yuan in the third quarter of 2021.</p><p>So, what exactly is Ruixing's \"undead gene\"? Blue Shark Consumption summarizes it as:</p><p>1. Step on medium and heavy assets + tuyere industries; 2. The background of a strong team remains unchanged; 3. Huge capital support; 4. Scale effect and brand advantage are especially important.</p><p>First of all, coffee shops are an industry that is both in the forefront and has the characteristics of heavy assets. Heavy assets also mean high thresholds: giants such as Meituan will not easily work on their own, and are more willing to invest. Meituan Dragon Ball invested in Manner, while teams such as Manner are young, and their resources, operations, and management experience are not old enough. Luckin The team has an advantage.</p><p><img src=\"https://static.tigerbbs.com/83487b6dac8da3a52a8c1a6865bb4e46\" tg-width=\"640\" tg-height=\"424\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>△ Manner (local coffee chain brand in Shanghai)</p><p>Secondly, although Ruixing is in turmoil, the core team has not left. For example, Yang Fei, the trader and co-founder of Ruixing Marketing, is still there. Compared with the emerging coffee shop teams such as Manner, they have store operations, brand marketing, private domain, etc. In terms of, it is still too strong.</p><p>Third, Ruixing needs huge funds whether it compensates stock investors for their losses, purchases the equity of original shareholders, and continues to maintain operations. After Ruixing's accident, Centurium Capital, which \"talked about things\", was born out of Warburg Pincus, a famous PE institution, and was able to mobilize tens of billions of money. Ruixing has always had far more financing channels than new coffee players. It can not only raise funds from VC and PE institutions, but also find Internet giants and overseas capital investment, and even rely on more than thousands of stores, coffee machines and other housing equipment. With billions of yuan in turnover, you can find bank loans, financial leasing, etc. Ruixing has money in his hand, so naturally he doesn't panic. Signing Gu Ailing to do marketing for the Beijing Winter Olympics is progressing in an orderly manner.</p><p>Fourth, coffee is a hot track. Ruixing, which started in October 2017, seized the market opportunity, and successfully shaped Ruixing to be the second largest coffee chain brand in China by constantly engaging in edge marketing \"next to Starbucks\". The brand image and user mind of Starbucks challengers. Ruixing has previously invested more than 1 billion US dollars to open more than 4,000 stores, seizing a position suitable for opening stores. Existing rivals, if the store wants to reach this scale, it is simply impossible without more than 1 billion US dollars in money, and without 3-4 years to open a store crazily. With thousands of stores, Ruixing serves a large number of users every day and strengthens its own brand.</p><p>Luckin has thousands of directly-operated stores, with good turnover and high brand potential. It can also quickly expand the number of stores by joining.</p><p>03 Where is Ruixing going?</p><p>Ruixing, who stepped out of the \"Death Valley\" with the \"immortal gene\", has re-embarked on the fast lane of development, but its front is not Ma Pingchuan.</p><p>Coffee has been verified by Ruixing to be an excellent track. In addition to the old rival Starbucks, other players flocked to it. According to statistics, there will be 21 investment cases in the coffee field in 2021, with a total amount of nearly 6 billion yuan, which is the sum of the previous two years. Coffee brands such as Manner, M Stand, Tims, and Nowwa have all raised more than 100 million yuan in financing. McDonald's, China Post, Bianlifeng and other giants have all entered. With money and \"thighs\", they grab office buildings, shopping malls, shops along the street and other white-collar workers to open stores. The coffee flavors may be more diverse, but the price is cheaper, while the costs of rent, labor, equipment, etc. will rise. It is difficult for Luckin to maintain the previous expansion rate of low cost and thousands of stores a year, and have a crushing advantage in product taste and price!</p><p>Previously, in order to solve the \"troubles\" of investors and shareholders, Ruixing \"sold himself\" to raise a lot of money. But there is no free lunch in the world, and all this money has to be highly rewarded. Capital will inevitably force Ruixing to increase revenue and profits as soon as possible, achieve scale profitability, and go public quickly so that they can cash out and leave the market. Ruixing dances in the shackles of \"capital\", and its movements are inevitably deformed. For example, in order to open a store quickly, it is not allowed to open franchises as soon as possible. How to manage so many stores and ensure user experience is a huge challenge. Blue Shark Consumption saw on Black Cat Complaints that Ruixing had as many as 2,841 complaints, such as coffee freeze-dried powder agglomeration, drinking nails, etc.</p><p><img src=\"https://static.tigerbbs.com/ebe81390b8d8f48d19765f44d1349d73\" tg-width=\"1080\" tg-height=\"689\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>△ The number of complaints about Luckin Coffee on the black cat complaint platform is as high as 2,841</p><p>Ruixing originally hoped to improve the efficiency of stores by launching tea drinks, baking and other products. However, with the rise of tea drinks and baking chain brands such as Heytea and Nayuki's tea, Master Bao, and Momo Dim Sum Bureau and becoming increasingly strong, Ruixing has There is no competitive advantage, and consumers will not prefer to consume tea drinks and bakery products in Ruixing.</p><p>If Ruixing wants to break out of the encirclement and go further, it must continue to invest in product innovation and do a big job in refined operations. Ruixing implements a product innovation PK mechanism, dozens of products are tested, and the most popular ones can be introduced to the market. This mechanism allowed Ruixing to launch a hot product in 2021-raw coconut latte.</p><p><img src=\"https://static.tigerbbs.com/0c6e7cd19e37703c282ff962d441620c\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>△ Advertising map of Ruixing Raw Coconut Latte</p><p>The scale of Ruixing stores has exceeded 5,300. How to improve the efficiency of warehouse distribution and the human efficiency of the store has become particularly important. This requires the introduction of more advanced coffee machines, more efficient digital systems such as manpower, cashier, and membership, and reduce the cost of middle and back offices. Management expenses for non-store personnel, etc.</p><p>How far Luckin can go, whether it can kill Starbucks and become the king of coffee in China, let us wait and see.</p><p></body></html></p>","source":"lsy1647070808416","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why wouldn't Ruixing die?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy wouldn't Ruixing die?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">蓝鲨消费</strong><span class=\"h-time small\">2022-03-12 15:39</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>On February 8, Gu Ailing won the women's freestyle Big air championship at the Beijing Winter Olympics with the last jump of 1620 ultra-difficult movements. Ruixing Coffee (hereinafter referred to as Ruixing) also started its Jedi counterattack and reached the top again.</p><p>Overnight, thousands of Luckin stores across the country put up advertisements for spokesperson Gu Ailing. Consumers can receive a 42% discount coupon package for winning the championship and \"cheers to winning the championship\" together.</p><p><img src=\"https://static.tigerbbs.com/f8eb32a369c86c9c2f6afcbe240362cc\" tg-width=\"1066\" tg-height=\"1421\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>△ After Gu Ailing won the championship, Ruixing immediately changed the product packaging</p><p>Soon, Luckin Coffee announced that its number of stores reached 5,300, surpassing Starbucks again and becoming the largest coffee chain brand in China. There are even news in the media that Ruixing wants to go public for the second time.</p><p>Ruixing can indeed travel lightly again.</p><p>On February 5, Ruixing paid a fine of US $180 million (approximately 1.2 billion yuan) to the US Securities and Exchange Commission, and the two parties reached a settlement. Earlier on January 27, the buyer consortium led by Luckin's PE round investor Dacheng Capital acquired 384 million Class A ordinary shares from Luckin's original management, obtained more than 50% of the voting rights, and became Luckin's \"talker\".</p><p>Ruixing, which blew up its financial fraud scandal in April 2020, has been hanging over the two boots of stock investor lawsuits and management turmoil for the past two years, and now they have finally fallen.</p><p>In the past two years, how did Ruixing come back from the situation of \"life hanging by a thread\"? Why will Ruixing, who has been critically hit repeatedly, not die?</p><p>01 Listing, fraud, delisting, infighting</p><p>It only took 11 months for Ruixing to go from the highlight moment of its fastest listing to its fall from the altar.</p><p>On May 17, 2019, Ruixing was listed on Nasdaq with a market value of US $4.74 billion. It set a new record for the fastest time from founding to IPO of a company in the world-18.5 months. What's even more awesome is that Ruixing, founded in 2017, had 2,370 stores before listing, and its revenue also rose from 250,000 yuan in 2017 to 841 million yuan in 2018, becoming the second largest coffee in China after Starbucks. Chain brand. Subsequently, Ruixing's market value soared, exceeding US $11.9 billion on January 17, 2020.</p><p><img src=\"https://static.tigerbbs.com/de1f43e3f37d60f420e5fea21defed99\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>△ Luckin Coffee goes public on Nasdaq</p><p>If you want it to perish, let it go crazy first!</p><p>On January 31, 2020, Muddy Waters of the United States accused Ruixing of financial fraud. This is not the first time that Muddy Waters has shorted Chinese companies. New Oriental, 360 and other companies have been \"screwed up\", and then they are all fine. Therefore, on February 3, Luckin Chairman Lu Zhengyao firmly denied it with confidence.</p><p>Soon, Lu Zhengyao was slapped in the face. On April 2, Ruixing announced the results of self-examination. Chief Operating Officer Liu Jian and some of his subordinates falsified transaction sales from the second quarter to the fourth quarter of 2019, with a total amount of approximately 2.2 billion yuan. This exceeds 72% of Ruixing's total revenue in 2019 (3.025 billion yuan). Darling, 70% of your income depends on fraud. Ruixing really dares!</p><p>The price of fraud is high, and Ruixing's stock price plummeted 81.6%. On May 19, 2020, Nasdaq informed Ruixing that it must delist. On June 29, 2020, Ruixing was delisted from Nasdaq, and its stock price has dropped from the highest of US $51.38 per share to only US $1.38 per share, becoming a veritable \"penny stock\".</p><p>On July 13th, as the chairman of the board, Lu Zhengyao was ousted from the throne of the chairman by the capital with heavy losses and replaced by the agent Guo Jinyi.</p><p>You know, even if it is delisted, Ruixing, which still has 3,898 self-operated stores as of November 30, 2020, is still continuously generating cash flow, with revenue reaching 4.033 billion yuan in 2020. Ruixing is a treasure that can lay golden eggs.</p><p>Lu Zhengyao, who once created the myth of CAR Rental, UCAR, and Ruixing, is naturally unwilling to go out.</p><p>In January 2021, under his instruction, Ruixing's seven vice presidents, general managers of all branches, and some business executives jointly requested the dismissal of Guo Jinyi on the grounds that Guo was corrupt. This quickly turned out to be a trumped-up \"charge\" and a conspiracy by Lu. If one plan fails, another plan will be born. In September 2021, Lu Zhengyao secretly entrusted a third party to acquire Ruixing's equity. After being discovered, Ruixing launched a shareholder rights protection plan to prevent Lu Zhengyao from returning to the curve through hostile takeover.</p><p><img src=\"https://static.tigerbbs.com/7b5944ac26f37f9d2e206f1628dcbce5\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>△ Lu Zhengyao, former chairman of Luckin</p><p>There is no hope of regaining Ruixing. Lu Zhengyao can only start trying new projects such as small noodles one after another, but he is already notorious in the capital market. Who dares to gamble with him again?</p><p>02 Ruixing's \"undead gene\"</p><p>In the past two years, despite the outside world's eyes, Ruixing is tottering and may die at any time. In fact, Ruixing is not only alive, but also seems to be living well.</p><p>Luckin's stores have expanded from 3,898 on November 30, 2020 to 5,300 now, surpassing Starbucks to become the coffee chain brand with the largest number of stores in China. Revenue also rose from 4.033 billion yuan in 2020 to 5.532 billion yuan in September 2021, and losses narrowed from 1.733 billion yuan in the third quarter of 2020 to 23.51 million yuan in the third quarter of 2021.</p><p>So, what exactly is Ruixing's \"undead gene\"? Blue Shark Consumption summarizes it as:</p><p>1. Step on medium and heavy assets + tuyere industries; 2. The background of a strong team remains unchanged; 3. Huge capital support; 4. Scale effect and brand advantage are especially important.</p><p>First of all, coffee shops are an industry that is both in the forefront and has the characteristics of heavy assets. Heavy assets also mean high thresholds: giants such as Meituan will not easily work on their own, and are more willing to invest. Meituan Dragon Ball invested in Manner, while teams such as Manner are young, and their resources, operations, and management experience are not old enough. Luckin The team has an advantage.</p><p><img src=\"https://static.tigerbbs.com/83487b6dac8da3a52a8c1a6865bb4e46\" tg-width=\"640\" tg-height=\"424\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>△ Manner (local coffee chain brand in Shanghai)</p><p>Secondly, although Ruixing is in turmoil, the core team has not left. For example, Yang Fei, the trader and co-founder of Ruixing Marketing, is still there. Compared with the emerging coffee shop teams such as Manner, they have store operations, brand marketing, private domain, etc. In terms of, it is still too strong.</p><p>Third, Ruixing needs huge funds whether it compensates stock investors for their losses, purchases the equity of original shareholders, and continues to maintain operations. After Ruixing's accident, Centurium Capital, which \"talked about things\", was born out of Warburg Pincus, a famous PE institution, and was able to mobilize tens of billions of money. Ruixing has always had far more financing channels than new coffee players. It can not only raise funds from VC and PE institutions, but also find Internet giants and overseas capital investment, and even rely on more than thousands of stores, coffee machines and other housing equipment. With billions of yuan in turnover, you can find bank loans, financial leasing, etc. Ruixing has money in his hand, so naturally he doesn't panic. Signing Gu Ailing to do marketing for the Beijing Winter Olympics is progressing in an orderly manner.</p><p>Fourth, coffee is a hot track. Ruixing, which started in October 2017, seized the market opportunity, and successfully shaped Ruixing to be the second largest coffee chain brand in China by constantly engaging in edge marketing \"next to Starbucks\". The brand image and user mind of Starbucks challengers. Ruixing has previously invested more than 1 billion US dollars to open more than 4,000 stores, seizing a position suitable for opening stores. Existing rivals, if the store wants to reach this scale, it is simply impossible without more than 1 billion US dollars in money, and without 3-4 years to open a store crazily. With thousands of stores, Ruixing serves a large number of users every day and strengthens its own brand.</p><p>Luckin has thousands of directly-operated stores, with good turnover and high brand potential. It can also quickly expand the number of stores by joining.</p><p>03 Where is Ruixing going?</p><p>Ruixing, who stepped out of the \"Death Valley\" with the \"immortal gene\", has re-embarked on the fast lane of development, but its front is not Ma Pingchuan.</p><p>Coffee has been verified by Ruixing to be an excellent track. In addition to the old rival Starbucks, other players flocked to it. According to statistics, there will be 21 investment cases in the coffee field in 2021, with a total amount of nearly 6 billion yuan, which is the sum of the previous two years. Coffee brands such as Manner, M Stand, Tims, and Nowwa have all raised more than 100 million yuan in financing. McDonald's, China Post, Bianlifeng and other giants have all entered. With money and \"thighs\", they grab office buildings, shopping malls, shops along the street and other white-collar workers to open stores. The coffee flavors may be more diverse, but the price is cheaper, while the costs of rent, labor, equipment, etc. will rise. It is difficult for Luckin to maintain the previous expansion rate of low cost and thousands of stores a year, and have a crushing advantage in product taste and price!</p><p>Previously, in order to solve the \"troubles\" of investors and shareholders, Ruixing \"sold himself\" to raise a lot of money. But there is no free lunch in the world, and all this money has to be highly rewarded. Capital will inevitably force Ruixing to increase revenue and profits as soon as possible, achieve scale profitability, and go public quickly so that they can cash out and leave the market. Ruixing dances in the shackles of \"capital\", and its movements are inevitably deformed. For example, in order to open a store quickly, it is not allowed to open franchises as soon as possible. How to manage so many stores and ensure user experience is a huge challenge. Blue Shark Consumption saw on Black Cat Complaints that Ruixing had as many as 2,841 complaints, such as coffee freeze-dried powder agglomeration, drinking nails, etc.</p><p><img src=\"https://static.tigerbbs.com/ebe81390b8d8f48d19765f44d1349d73\" tg-width=\"1080\" tg-height=\"689\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>△ The number of complaints about Luckin Coffee on the black cat complaint platform is as high as 2,841</p><p>Ruixing originally hoped to improve the efficiency of stores by launching tea drinks, baking and other products. However, with the rise of tea drinks and baking chain brands such as Heytea and Nayuki's tea, Master Bao, and Momo Dim Sum Bureau and becoming increasingly strong, Ruixing has There is no competitive advantage, and consumers will not prefer to consume tea drinks and bakery products in Ruixing.</p><p>If Ruixing wants to break out of the encirclement and go further, it must continue to invest in product innovation and do a big job in refined operations. Ruixing implements a product innovation PK mechanism, dozens of products are tested, and the most popular ones can be introduced to the market. This mechanism allowed Ruixing to launch a hot product in 2021-raw coconut latte.</p><p><img src=\"https://static.tigerbbs.com/0c6e7cd19e37703c282ff962d441620c\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>△ Advertising map of Ruixing Raw Coconut Latte</p><p>The scale of Ruixing stores has exceeded 5,300. How to improve the efficiency of warehouse distribution and the human efficiency of the store has become particularly important. This requires the introduction of more advanced coffee machines, more efficient digital systems such as manpower, cashier, and membership, and reduce the cost of middle and back offices. Management expenses for non-store personnel, etc.</p><p>How far Luckin can go, whether it can kill Starbucks and become the king of coffee in China, let us wait and see.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://36kr.com/p/1650308451365893\">蓝鲨消费</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3d12f820102df1859c1d25e4011ee104","relate_stocks":{"LKNCY":"瑞幸咖啡"},"source_url":"https://36kr.com/p/1650308451365893","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1162064213","content_text":"2月8日，谷爱凌凭1620超高难度动作的最后一跳，绝地反击夺得北京冬奥会女子自由式大跳台冠军。瑞幸咖啡（以下简称瑞幸）也开始了它的绝地反击，重新登顶之路。一夜之间，瑞幸全国数千家门店竖起代言人谷爱凌的广告，消费者可以领取4.8折夺冠券包，一起“为夺冠干杯”。△谷爱凌夺冠后，瑞幸第一时间更换了产品包装很快，瑞幸咖啡宣布其门店数达5300家，重新超越星巴克，成为中国最大的咖啡连锁品牌。更有媒体传出瑞幸欲二次上市的消息。瑞幸确实可以再次轻装上阵了。2月5日，瑞幸向美国证券交易委员会缴纳1.8亿美元（约合12亿元）罚款，双方达成和解。更早之前的1月27日，瑞幸PE轮投资方大钲资本牵头的买方财团，从瑞幸原管理层收购了3.84亿股A类普通股，获得50%以上的投票权，成为瑞幸的“话事人”。2020年4月自爆财务造假丑闻的瑞幸，近2年头上始终悬着股票投资人诉讼和管理层动荡这两只靴子，现在终于都落下来了。这两年，瑞幸怎么从“命悬一线”的境地起死回生的？为什么屡受暴击的瑞幸不会死？01 上市，造假，退市，内斗瑞幸从最快上市的高光时刻到跌落神坛，人人喊打，只过了11个月。2019年5 月 17 日，瑞幸在纳斯达克上市，市值达47.40 亿美元。它刷新了一家公司从创立到 IPO 的全球最快纪录——18.5 个月。更牛的是，2017年创立的瑞幸，上市前已拥有2370家门店，营收也从2017年的25万元涨到2018年的8.41亿元，成为仅次于星巴克的中国第二大咖啡连锁品牌。随后，瑞幸市值一路飙升，2020年1月17日一度超119亿美元。△瑞幸咖啡在纳斯达克上市欲让其灭亡，先让其疯狂！2020年1月31日，美国浑水指控瑞幸涉嫌财务造假。这不是浑水第一次做空中国公司，新东方、360等公司都被“搞过”，后来都没事。因此，2月3日，瑞幸董事长陆正耀理直气壮地坚决否认。很快，陆正耀被啪啪打脸。4月2日，瑞幸公布自查结果，首席运营官刘剑和他的部分下属，2019年第2季度到第4季度伪造交易销售额，总金额约为22亿元。这超过瑞幸2019年总营收（30.25亿元）的72%。乖乖，七成收入靠造假。瑞幸真敢！造假的代价很大，瑞幸股价暴跌81.6%。2020年5月19日，纳斯达克通知瑞幸必须退市。2020年6月29日，瑞幸从纳斯达克退市，股价已从最高的51.38美元/股跌到仅剩1.38美元/股，成为名副其实的“仙股”。7月13日，作为董事长，陆正耀被损失惨重的资本赶下董事长宝座，换上代理人郭谨一。要知道，即便退市了，但截至2020年11月30日还有3898自营门店的瑞幸，还在源源不断地产生现金流，2020年营收达40.33亿元。瑞幸是一个能生金蛋的宝贝。曾缔造了神州租车、神州优车、瑞幸神话的陆正耀，自然不甘心出局。2021年1月，在他的授意下，瑞幸7个副总裁，所有分公司总经理，部分业务高管联名要求罢免郭谨一，理由是郭贪腐。这很快被证明是莫须有的“罪名”，是陆的阴谋。一计不成又生一计。2021年9月，陆正耀偷偷委托第三方收购瑞幸的股权，被发现后，瑞幸推出一项股东权益保护计划，防止陆正耀通过恶意收购，曲线回归。△瑞幸原董事长陆正耀重夺瑞幸无望，陆正耀只能陆续开始尝试小面等新项目，但他在资本市场已臭名卓著，谁敢跟他再赌一把大的呢？02 瑞幸的“不死基因”这两年，尽管外界看来，瑞幸风雨飘摇，随时有可能挂掉。实际上，瑞幸不但活着，活得似乎还不错。瑞幸门店从2020年11月30日的3898家扩张到现在的5300家，超过星巴克成为中国门店数最多的咖啡连锁品牌。营收也从2020年的40.33亿元涨到了2021年9月的55.32亿元，亏损从2020年3季度的17.33亿元收窄到2021年3季度的2351万元。那么，瑞幸的“不死基因”到底是什么？蓝鲨消费将其总结为：1、踩中重资产+风口产业；2、强悍团队底色不变；3、巨额资本支撑；4、规模效应和品牌优势尤在。首先，咖啡店是一个既在风口，又具有重资产特征的产业。重资产也意味着高门槛：美团等巨头不会轻易自己上场干，更愿意投资，美团龙珠就投了Manner，而Manner等团队偏年轻，资源、运营、管理经验不够老辣，瑞幸团队有优势。△Manner（上海本土的咖啡连锁品牌）其次，虽然瑞幸动荡，但核心团队并没有走，比如瑞幸营销的操盘手、联合创始人杨飞依然在，他们跟Manner等后起的咖啡店团队比，门店运营、品牌营销、私域等方面，依然强悍太多。第三，瑞幸无论是赔偿股票投资人的损失，还是购买原股东的股权，以及继续维持运营，都需要庞大的资金。瑞幸出事后，“话事”的大钲资本脱胎于著名的PE机构华平资本，能调动百亿级的钱。瑞幸一直有远比咖啡新玩家多得多的融资渠道，不但能从 VC、PE 机构融资，还能找互联网巨头和海外资本投资，甚至凭超数千家门店、咖啡机等房屋设备，每年数十亿元的流水，可以找银行贷款、融资租赁等。瑞幸手里有钱，自然心里不慌，签约谷爱凌做北京冬奥营销等都在有条不紊地推进。第四，咖啡是个风口赛道，起步于2017年10月的瑞幸抢占了市场先机，且通过不断地“傍星巴克”搞擦边球营销，成功塑造了瑞幸是中国第二大咖啡连锁品牌，是星巴克挑战者的品牌形象和用户心智。瑞幸之前投入了超10亿美元开了超4000家门店，抢占了适合开店的位置。现有对手，门店想要达到这个规模，没有10亿美元以上的钱，没有3-4年时间疯狂开店，根本不可能。瑞幸凭数千家门店，每天服务海量用户，又强化了自己的品牌。瑞幸数几千家直营店，流水不错，品牌势能高，还能用加盟方式迅捷扩大门店数量。03 瑞幸向何处去？凭“不死基因”走出“死亡谷”的瑞幸，重新走上了发展的快车道，但它的前面并非一马平川。咖啡被瑞幸验证了是一条极好的赛道，除了老对手星巴克外，其他玩家蜂拥而至。据统计，2021年咖啡领域投资案例共21起，总金额接近60亿元，是此前两年的总和。Manner、M Stand、Tims、Nowwa等咖啡品牌融资都超1亿元。麦当劳、中国邮政、便利蜂等巨头都杀入进来。有钱、有“大腿”的它们，抢夺写字楼、商场、沿街商铺等白领人群出没的场景开店，咖啡口味可能更多样，价格却更便宜，而房租、人工、设备等成本却会水涨船高，瑞幸再想保持之前低成本、一年上千家店的扩张速度，在产品口味、价格上有碾压式的优势，难了！之前，为了解决投资人和股东的“麻烦”，瑞幸“卖身”融了很多钱。但天下没有免费的午餐，这些钱都是要高回报的。资本必然逼迫瑞幸尽快将营收、利润做上来，实现规模盈利，快速二次上市，好让它们套现离场。瑞幸戴着“资本”的镣铐跳舞，动作难免变形，比如为了快速开店，不得从快开放加盟，如何管好如此多的门店，保证用户体验是巨大的挑战。蓝鲨消费在黑猫投诉上看到，瑞幸的投诉高达2841条，比如咖啡冻干粉结块、喝出指甲等。△黑猫投诉平台上瑞幸咖啡的投诉量高达2841条瑞幸原来希望通过推出茶饮、烘焙等产品提高门店坪效，但随着喜茶、奈雪的茶，鲍师傅、墨茉点心局等茶饮、烘焙连锁品牌崛起并日渐强势，瑞幸并没有竞争优势，消费者也不会首选在瑞幸消费茶饮、烘焙产品。瑞幸要想杀出重围，走得更远，还得在产品创新上持续投入，在精细化运营上做大文章。瑞幸推行产品创新PK机制，数十款产品做测试，最受欢迎的才能推向市场。这个机制让瑞幸2021年推了一个爆款——生椰拿铁。△瑞幸生椰拿铁的广告宣传图瑞幸门店规模已超5300家，如何提高仓配的效率，门店的人效，变得尤其重要，这需要引入更先进的咖啡机，更高效的人力、收银、会员等数字化系统，降低中后台非门店人员的管理费用等。瑞幸到底能走多远，能不能干掉星巴克，成为中国的咖啡之王，让我们拭目以待。","news_type":1,"symbols_score_info":{"LKNCY":0.9}},"isVote":1,"tweetType":1,"viewCount":892,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9016416158,"gmtCreate":1649217654904,"gmtModify":1676534472637,"author":{"id":"3578098715246654","authorId":"3578098715246654","name":"开洱文","avatar":"https://community-static.tradeup.com/news/e6a32c6dd5e85c5b3bf6c591b38391d6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578098715246654","idStr":"3578098715246654"},"themes":[],"htmlText":"6","listText":"6","text":"6","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9016416158","repostId":"2225531369","repostType":2,"repost":{"id":"2225531369","kind":"highlight","pubTimestamp":1649210859,"share":"https://ttm.financial/m/news/2225531369?lang=en_US&edition=fundamental","pubTime":"2022-04-06 10:07","market":"us","language":"zh","title":"One article to understand | The \"hawkish\" speech of the \"dovish\" officials of the Federal Reserve","url":"https://stock-news.laohu8.com/highlight/detail?id=2225531369","media":"华尔街见闻","summary":"原标题：5月缩表？为何这两个美联储高官“放鹰”，市场反应这么大？隔夜美国金融市场再度上演股债双杀，而这些基本都要归功于两位美联储高管的威力！隔夜美国金融市场再度上演股债双杀。三大美股指齐创逾一周新低；","content":"<p><html><head></head><body>Original title: shrinking balance sheet in May? Why did these two senior Fed officials \"hawk\" and the market reacted so much?</p><p><b><b>Overnight, the U.S. financial market once again staged a double kill of stocks and bonds.</b></b><b>And these are basically due to the power of the two Fed executives!</b>Overnight, the U.S. financial market once again staged a double kill of stocks and bonds.</p><p>The three major U.S. stock indexes all hit new lows in more than a week; The benchmark 10-year U.S. bond yield once rose by 17 basis points during the day, hitting a new high in nearly three years after a week, and the U.S. 30-year mortgage rate rose above 5%; The US Dollar Index jumped intraday, once reaching 99.50, a new high in nearly two years.</p><p>And all these are basically due to the power of the two Fed executives.</p><p>On Tuesday, future Fed No. 2, Fed Governor Lael Brainard, who was nominated by Biden as Fed Vice Chairman, and San Francisco Fed President Mary Daly both made it clear that they were focused on curbing inflation. The latest view.</p><p>Among them, Brainard emphasized that,<b>The Fed will \"rapidly\" shrink its balance sheet.</b></p><p>According to CNBC, she noted during a Minneapolis Fed webinar that \"<b>Reducing inflation is essential</b>\", the Federal Open Market Committee (FOMC) that sets interest rate policy<b>\"We will continue to methodically tighten monetary policy through a series of rate hike and make a rapid balance sheet reduction as soon as possible at our May meeting.\"</b></p><p>And later that day, Daly also said,<b>Inflation at a 40-year high is \"as harmful as no jobs\".</b></p><p>Speaking to the Association of Native American Finance Officials, she assured the group that the Federal Reserve is dealing with high inflation.</p><p>She pointed out in her speech:</p><p>Most Americans, most people, most businesses... you all have the confidence that we won't let this go forever... but if you don't have that confidence, let me give it to you. She has repeatedly assured attendees that interest rates are moving higher. But she also added that she didn't think it would lead to a recession and that raising interest rates was \"necessary to make sure again that when (you) sleep at night, you don't have to worry about whether prices are going to be higher, they will be higher tomorrow\".</p><p><b>The hawkish speeches of these two Fed officials have attracted market attention because they are both considered to belong to the \"dovish\" camp of the Fed-which means that they usually prefer low interest rates and less restrictive monetary policies.</b></p><p><b>But now, they all think that monetary tightening is imminent, which highlights the importance the Fed attaches.</b></p><p><b>Among them, Brainard's statement is particularly weighty. As mentioned at the beginning, she is about to become the No. 2 person in the Federal Reserve, that is, the top deputy of Chairman Powell.</b></p><p>On the shrinking balance sheet Process, Brainard said she expects the Fed's $9 trillion balance sheet to \"contract faster\" than it did during the last 2017-19 tapering round. At the time, the Federal Reserve allowed $50 billion a month from maturing bonds while reinvesting the rest.</p><p>Her latest comments open the door to the expectations of many economists, who expect the Fed to tapering by $80 billion-$100 billion a month this time.</p><p>Brainard also added,<b>Shrinking the balance sheet \"will help tighten monetary policy and make interest rates rise more than expected\".</b></p><p>Regarding the next policy pace of the Federal Reserve, Brainard mentioned:</p><p>Currently, inflation is too high and there are upside risks. The Committee is prepared to take stronger measures if inflation and inflation expectations suggest that action is necessary. Meanwhile, Daly approved of opening a shrinking balance sheet in May, adding that<b>The Fed's pledge to fight inflation \"will mean higher interest rates.\"</b></p><p>She pointed out:</p><p>But inflation, which is the price people pay day in and day out, has always been in their minds. They sleep at night thinking about it and wake up in the morning thinking about rent, transportation, gas prices, food prices, so the Fed is on the path to raising interest rates.</body></html></p>","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>One article to understand | The \"hawkish\" speech of the \"dovish\" officials of the Federal Reserve</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOne article to understand | The \"hawkish\" speech of the \"dovish\" officials of the Federal Reserve\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2022-04-06 10:07</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Original title: shrinking balance sheet in May? Why did these two senior Fed officials \"hawk\" and the market reacted so much?</p><p><b><b>Overnight, the U.S. financial market once again staged a double kill of stocks and bonds.</b></b><b>And these are basically due to the power of the two Fed executives!</b>Overnight, the U.S. financial market once again staged a double kill of stocks and bonds.</p><p>The three major U.S. stock indexes all hit new lows in more than a week; The benchmark 10-year U.S. bond yield once rose by 17 basis points during the day, hitting a new high in nearly three years after a week, and the U.S. 30-year mortgage rate rose above 5%; The US Dollar Index jumped intraday, once reaching 99.50, a new high in nearly two years.</p><p>And all these are basically due to the power of the two Fed executives.</p><p>On Tuesday, future Fed No. 2, Fed Governor Lael Brainard, who was nominated by Biden as Fed Vice Chairman, and San Francisco Fed President Mary Daly both made it clear that they were focused on curbing inflation. The latest view.</p><p>Among them, Brainard emphasized that,<b>The Fed will \"rapidly\" shrink its balance sheet.</b></p><p>According to CNBC, she noted during a Minneapolis Fed webinar that \"<b>Reducing inflation is essential</b>\", the Federal Open Market Committee (FOMC) that sets interest rate policy<b>\"We will continue to methodically tighten monetary policy through a series of rate hike and make a rapid balance sheet reduction as soon as possible at our May meeting.\"</b></p><p>And later that day, Daly also said,<b>Inflation at a 40-year high is \"as harmful as no jobs\".</b></p><p>Speaking to the Association of Native American Finance Officials, she assured the group that the Federal Reserve is dealing with high inflation.</p><p>She pointed out in her speech:</p><p>Most Americans, most people, most businesses... you all have the confidence that we won't let this go forever... but if you don't have that confidence, let me give it to you. She has repeatedly assured attendees that interest rates are moving higher. But she also added that she didn't think it would lead to a recession and that raising interest rates was \"necessary to make sure again that when (you) sleep at night, you don't have to worry about whether prices are going to be higher, they will be higher tomorrow\".</p><p><b>The hawkish speeches of these two Fed officials have attracted market attention because they are both considered to belong to the \"dovish\" camp of the Fed-which means that they usually prefer low interest rates and less restrictive monetary policies.</b></p><p><b>But now, they all think that monetary tightening is imminent, which highlights the importance the Fed attaches.</b></p><p><b>Among them, Brainard's statement is particularly weighty. As mentioned at the beginning, she is about to become the No. 2 person in the Federal Reserve, that is, the top deputy of Chairman Powell.</b></p><p>On the shrinking balance sheet Process, Brainard said she expects the Fed's $9 trillion balance sheet to \"contract faster\" than it did during the last 2017-19 tapering round. At the time, the Federal Reserve allowed $50 billion a month from maturing bonds while reinvesting the rest.</p><p>Her latest comments open the door to the expectations of many economists, who expect the Fed to tapering by $80 billion-$100 billion a month this time.</p><p>Brainard also added,<b>Shrinking the balance sheet \"will help tighten monetary policy and make interest rates rise more than expected\".</b></p><p>Regarding the next policy pace of the Federal Reserve, Brainard mentioned:</p><p>Currently, inflation is too high and there are upside risks. The Committee is prepared to take stronger measures if inflation and inflation expectations suggest that action is necessary. Meanwhile, Daly approved of opening a shrinking balance sheet in May, adding that<b>The Fed's pledge to fight inflation \"will mean higher interest rates.\"</b></p><p>She pointed out:</p><p>But inflation, which is the price people pay day in and day out, has always been in their minds. They sleep at night thinking about it and wake up in the morning thinking about rent, transportation, gas prices, food prices, so the Fed is on the path to raising interest rates.</body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3656116\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/123472eab1159c5e881f8e540a346014","relate_stocks":{"161125":"标普500","513500":"标普500ETF博时","SPXU":"三倍做空标普500ETF-ProShares","BK4504":"桥水持仓","QQQ":"纳指100ETF","QLD":"2倍做多纳斯达克100指数ETF-ProShares","BK4559":"巴菲特持仓","SDOW":"三倍做空道指30ETF-ProShares","UPRO":"三倍做多标普500ETF-ProShares","DOG":"道指ETF-ProShares做空","BK4550":"红杉资本持仓",".SPX":"S&P 500 Index","IVV":"标普500ETF-iShares","DDM":"2倍做多道指ETF-ProShares","BK4534":"瑞士信贷持仓"},"source_url":"https://wallstreetcn.com/articles/3656116","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2225531369","content_text":"原标题：5月缩表？为何这两个美联储高官“放鹰”，市场反应这么大？隔夜美国金融市场再度上演股债双杀，而这些基本都要归功于两位美联储高管的威力！隔夜美国金融市场再度上演股债双杀。三大美股指齐创逾一周新低；基准10年期美债收益率日内升幅一度达17个基点，时隔一周又创近三年新高，美国30年期按揭利率升破5%；美元指数盘中跳涨，一度重上99.50创将近两年来新高。而这些基本都要归功于两位美联储高管的威力。本周二，未来的美联储二号人物、被拜登提名为美联储副主席的美联储理事莱尔·布雷纳德（Lael Brainard）和旧金山联储主席玛丽·戴利（Mary Daly）均明确表明了关注遏制通胀的最新观点。其中布雷纳德强调，美联储将“迅速”缩减资产负债表。据CNBC报道称，她在明尼阿波利斯联储网络研讨会上指出“降低通胀至关重要”，制定利率政策的联邦公开市场委员会（FOMC）“将继续有条不紊地通过一系列加息来收紧货币政策，并在我们5月的会议上尽快对资产负债表进行快速缩减。”而在当天晚些时候，戴利也同样表示，通货膨胀率处于40年高位“与没有工作一样有害”。在向美国原住民财务官员协会发表讲话时，她向该组织保证美联储正在处理高企通胀。她在演讲中指出：大多数美国人，大多数人，大多数企业......你们都有信心，我们不会永远让这一切过去......但如果你没有那个信心，就让我给你吧。她多次向与会者保证，利率正在走高。但她还补充道，她认为这不会导致经济衰退，提高利率“是再次确保（你）晚上睡觉时所必需的，你不必担心价格是否会更高，明天会更高”。而这两位美联储官员的上述鹰派发言之所以会引发市场瞩目，是因为他们都被认为是属于美联储的“鸽派”阵营—这意味着他们通常倾向于低利率和限制较少的货币政策。但是现在，他们都认为收紧货币已经迫在眉睫，这突显出美联储的重视程度。其中布雷纳德的表态格外有份量，就像开头提及的，她即将成为美联储的二号人物，也就是主席鲍威尔的最高副手。关于缩表进程，布雷纳德表示，她预计美联储9万亿美元的资产负债表将比上一轮2017-19年缩减时“收缩得更快”。当时，美联储允许每月从到期债券中获得500亿美元的收益，同时将其余部分进行再投资。她的最新评论为许多经济学家的预期打开了大门，他们预计此次美联储每月将缩减800亿-1000亿美元。布雷纳德还补充称，缩减资产负债表“将有助于货币政策的收紧，并使得利率超过预期增幅”。关于接下来的美联储的政策节奏，布雷纳德提及：目前，通胀率过高，存在上行风险。如果通胀和通胀预期表明有必要采取行动，委员会准备采取更有力的措施。与此同时，戴利对5月开启缩表的看法表示赞同，并补充说美联储对抗通胀的承诺“将意味着利率上升”。她对此指出：但通货膨胀，这是人们日复一日所付出的代价，一直记挂在他们心中。他们晚上睡觉想着它，早上醒来想着租金、交通、汽油价格、食品价格，所以美联储正走在提高利率的道路上。","news_type":1,"symbols_score_info":{"161125":0.6,"513500":0.6,"SPXU":0.6,"UPRO":0.6,".SPX":0.6,"ESmain":0.6,"MNQmain":0.6,"QQQ":0.6,"IVV":0.6,"QLD":0.6,"DDM":0.6,"DOG":0.6,"SDOW":0.6,"NQmain":0.6}},"isVote":1,"tweetType":1,"viewCount":915,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9066558101,"gmtCreate":1651931406803,"gmtModify":1676534999335,"author":{"id":"3578098715246654","authorId":"3578098715246654","name":"开洱文","avatar":"https://community-static.tradeup.com/news/e6a32c6dd5e85c5b3bf6c591b38391d6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578098715246654","idStr":"3578098715246654"},"themes":[],"htmlText":"6","listText":"6","text":"6","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9066558101","repostId":"1179424055","repostType":4,"isVote":1,"tweetType":1,"viewCount":734,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9015310864,"gmtCreate":1649425897673,"gmtModify":1676534509966,"author":{"id":"3578098715246654","authorId":"3578098715246654","name":"开洱文","avatar":"https://community-static.tradeup.com/news/e6a32c6dd5e85c5b3bf6c591b38391d6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578098715246654","idStr":"3578098715246654"},"themes":[],"htmlText":"6","listText":"6","text":"6","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9015310864","repostId":"1135927495","repostType":4,"isVote":1,"tweetType":1,"viewCount":700,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9018426639,"gmtCreate":1649081172490,"gmtModify":1676534446881,"author":{"id":"3578098715246654","authorId":"3578098715246654","name":"开洱文","avatar":"https://community-static.tradeup.com/news/e6a32c6dd5e85c5b3bf6c591b38391d6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578098715246654","idStr":"3578098715246654"},"themes":[],"htmlText":"6","listText":"6","text":"6","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9018426639","repostId":"1165926470","repostType":4,"repost":{"id":"1165926470","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1649079344,"share":"https://ttm.financial/m/news/1165926470?lang=en_US&edition=fundamental","pubTime":"2022-04-04 21:35","market":"other","language":"zh","title":"Jumia rises more than 13%, announces partnership with UPS","url":"https://stock-news.laohu8.com/highlight/detail?id=1165926470","media":"老虎资讯综合","summary":"4月4日，非洲电商平台Jumia涨超13%，今天宣布与联合包裹建立合作伙伴关系。","content":"<p><html><head></head><body>April 4, African e-commerce platform<a href=\"https://laohu8.com/S/JMIA\">Jumia</a>Rose more than 13%, announced today that it<a href=\"https://laohu8.com/S/UPS\">United Parcel</a>Build partnerships.</p><p><img src=\"https://static.tigerbbs.com/1060b52b4193b9f087bee6f292bcd880\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Jumia rises more than 13%, announces partnership with UPS</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nJumia rises more than 13%, announces partnership with UPS\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2022-04-04 21:35</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>April 4, African e-commerce platform<a href=\"https://laohu8.com/S/JMIA\">Jumia</a>Rose more than 13%, announced today that it<a href=\"https://laohu8.com/S/UPS\">United Parcel</a>Build partnerships.</p><p><img src=\"https://static.tigerbbs.com/1060b52b4193b9f087bee6f292bcd880\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/fd680cd945fd32917c8ece66ec685e5f","relate_stocks":{"BK4534":"瑞士信贷持仓","BK4131":"航空货运与物流","JMIA":"Jumia Technologies AG","BK4559":"巴菲特持仓","UPS":"联合包裹","BK4550":"红杉资本持仓"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1165926470","content_text":"4月4日，非洲电商平台Jumia涨超13%，今天宣布与联合包裹建立合作伙伴关系。","news_type":1,"symbols_score_info":{"UPS":0.9,"JMIA":0.9}},"isVote":1,"tweetType":1,"viewCount":928,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":887508863,"gmtCreate":1632057950752,"gmtModify":1676530693755,"author":{"id":"3578098715246654","authorId":"3578098715246654","name":"开洱文","avatar":"https://community-static.tradeup.com/news/e6a32c6dd5e85c5b3bf6c591b38391d6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578098715246654","idStr":"3578098715246654"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/887508863","repostId":"2168037685","repostType":4,"repost":{"id":"2168037685","kind":"news","pubTimestamp":1632045566,"share":"https://ttm.financial/m/news/2168037685?lang=en_US&edition=fundamental","pubTime":"2021-09-19 17:59","market":"us","language":"zh","title":"U.S. officials believe Tesla's self-driving terminology is \"misleading and irresponsible\"","url":"https://stock-news.laohu8.com/highlight/detail?id=2168037685","media":"汇通网","summary":"特斯拉的行为显然误导了许多人误用和滥用该项技术。","content":"<p>In<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>As a major upgrade to Full Self-Driving (FSD) software is being prepared, the head of the National Transportation Safety Board (NTSB) said the move may be premature.</p><p>NTSB Chairman Jennifer Homendy said,<b>Tesla's use of the term'fully autonomous driving 'is'misleading and irresponsible'</b>, because people pay more attention to marketing than warnings in car manuals or company websites. She added,<b>Tesla's behavior obviously misled many people to misuse and abuse the technology, and Tesla should not advance this upgrade until the security flaw is resolved.</b></p><p>Musk said last week that FSD Beta v10.0. 1 will be available on a large scale starting September 24.</p><p><img src=\"https://static.tigerbbs.com/3124db31c9b33e3f3404d3603b1baf2b\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>","source":"HTW","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>U.S. officials believe Tesla's self-driving terminology is \"misleading and irresponsible\"</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nU.S. officials believe Tesla's self-driving terminology is \"misleading and irresponsible\"\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">汇通网</strong><span class=\"h-time small\">2021-09-19 17:59</span>\n</p>\n</h4>\n</header>\n<article>\n<p>In<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>As a major upgrade to Full Self-Driving (FSD) software is being prepared, the head of the National Transportation Safety Board (NTSB) said the move may be premature.</p><p>NTSB Chairman Jennifer Homendy said,<b>Tesla's use of the term'fully autonomous driving 'is'misleading and irresponsible'</b>, because people pay more attention to marketing than warnings in car manuals or company websites. She added,<b>Tesla's behavior obviously misled many people to misuse and abuse the technology, and Tesla should not advance this upgrade until the security flaw is resolved.</b></p><p>Musk said last week that FSD Beta v10.0. 1 will be available on a large scale starting September 24.</p><p><img src=\"https://static.tigerbbs.com/3124db31c9b33e3f3404d3603b1baf2b\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.fx678.com/C/20210919/202109191759262286.html\">汇通网</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/b4edcd70007a48ee832e76f61e110854","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.fx678.com/C/20210919/202109191759262286.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2168037685","content_text":"在特斯拉正准备对全自动驾驶（FSD）软件进行重大升级之际， 美国国家运输安全委员会（NTSB）负责人表示此举可能为时过早。\nNTSB主席Jennifer Homendy称，特斯拉使用“全自动驾驶”一词是“误导和不负责任的”，因人们更关注营销，而不是汽车使用手册或公司网站上的警告。她补充说，特斯拉的行为显然误导了许多人误用和滥用该项技术，在解决该安全缺陷之前，特斯拉不应该推进本次升级。\n马斯克上周曾表示，将于9月24日开始大面积提供FSD Beta v10.0.1。","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":615,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":888120105,"gmtCreate":1631458836307,"gmtModify":1676530551172,"author":{"id":"3578098715246654","authorId":"3578098715246654","name":"开洱文","avatar":"https://community-static.tradeup.com/news/e6a32c6dd5e85c5b3bf6c591b38391d6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578098715246654","idStr":"3578098715246654"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/888120105","repostId":"1107402961","repostType":4,"isVote":1,"tweetType":1,"viewCount":444,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9067146553,"gmtCreate":1652431109072,"gmtModify":1676535099436,"author":{"id":"3578098715246654","authorId":"3578098715246654","name":"开洱文","avatar":"https://community-static.tradeup.com/news/e6a32c6dd5e85c5b3bf6c591b38391d6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578098715246654","idStr":"3578098715246654"},"themes":[],"htmlText":"6","listText":"6","text":"6","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9067146553","repostId":"1136768096","repostType":4,"isVote":1,"tweetType":1,"viewCount":1599,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9069482984,"gmtCreate":1651334491894,"gmtModify":1676534891578,"author":{"id":"3578098715246654","authorId":"3578098715246654","name":"开洱文","avatar":"https://community-static.tradeup.com/news/e6a32c6dd5e85c5b3bf6c591b38391d6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578098715246654","idStr":"3578098715246654"},"themes":[],"htmlText":"6","listText":"6","text":"6","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9069482984","repostId":"1145531422","repostType":4,"repost":{"id":"1145531422","kind":"news","pubTimestamp":1651314140,"share":"https://ttm.financial/m/news/1145531422?lang=en_US&edition=fundamental","pubTime":"2022-04-30 18:22","market":"us","language":"zh","title":"\"Big Liquidation of the Century\" Suspense: Did Bill Hwang manipulate the stock price?","url":"https://stock-news.laohu8.com/highlight/detail?id=1145531422","media":"华尔街见闻","summary":"检察官可能仍难以证明被告操纵股价。","content":"<p><html><head></head><body>Experts say it may be difficult for U.S. authorities to prove that the hero of this \"big explosion of the century\" manipulated the market and pushed up stock prices.</p><p>Before Bill Hwang and Archegos' former chief financial officer Patrick Halligan were arrested by federal police on Wednesday, U.S. authorities had spent months gathering evidence to support their allegations. The charges are that they plotted to manipulate the stock prices of listed companies in order to increase earnings, which caused a huge shock in the American securities market.</p><p>The Archgos liquidation caused billions of dollars in losses to Wall Street's top investment banks and wiped out more than $100 billion from the valuations of nearly a dozen companies.<b>But legal experts say prosecutors may still struggle to prove that the defendants manipulated the stock price.</b>This requires persuading the jury to prove that Bill Hwang's artificially raised stock prices has imbalanced the normal supply and demand relationship in the securities market.</p><p>Bill Hwang's lawyer insisted that his client was \"completely innocent of any wrongdoing\" and that the allegations were exaggerated. He is innocent and will be proven innocent.</p><p>Can manipulating stock prices constitute a criminal case?</p><p>The Securities and Exchange Commission (SEC) said in the indictment:</p><p>The pair and others at the firm made \"materially false and misleading statements\" to the big banks that arranged derivatives trades. None of these transactions are based on principled acts of true value to a particular issuer, but are intended to artificially inflate the stock price. Experts said,<b>These share purchases alone do not necessarily constitute illegal activity</b>, which may make it difficult to prove Bill Hwang's allegations of market manipulation.</p><p>A senior criminal lawyer asked:</p><p><b>If its purpose is only to drive the stock price, can this constitute a criminal case?</b>This is a very delicate and complex issue, and this case is an excellent case for us to think about it. Market manipulation is one of 11 criminal charges filed against Bill Hwang by U.S. prosecutors. He was also charged with racketeering and fraud. His deputy, former chief financial officer Patrick Halligan, was also arrested and charged, but not involving market manipulation. Both pleaded not guilty.</p><p>Allegations of market manipulation typically arise in civil cases filed by agencies such as the Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC). Compared with criminal proceedings, the burden of proof in civil cases is lighter.<b>But even then, attorneys struggled to make those charges valid.</b></p><p>A case 30 years ago involving John Mulheren, a popular Wall Street trader, is regarded as a rare criminal case of stock manipulation. His charge was ultimately overturned on the grounds that the jury's decision was based on speculation and there was insufficient evidence.</p><p>According to the Financial Times, James Cox, professor of corporate and securities law at Duke University, said the Mulheren case<b>\"Greatly illustrates the problems existing in the manipulation charge case\"</b>。</p><p>The SEC also accused Bill Hwang of ignoring his research analysts by ordering Archegos to trade before the market opens or in the last 30 minutes of the trading day to maximize market impact.</p><p>The case of manipulation targeting listed corporate giants is even more confusing</p><p>Cox Indicates,<b>For U.S. authorities, this is a \"gut check moment\", and this case will not be assured, because there are \"great challenges\" in refining a large amount of evidence and transaction data into a form understandable to jurors.</b></p><p>He added that as Archegos' capital ballooned from $1.5 billion in March 2020 to $35 billion a year later,<b>The alleged manipulation involves corporate giants listed on the largest U.S. exchanges, rather than other more typical small companies, so the case will be more complicated.</b></p><p>According to reports, the company stocks that Bill Hwang is suspected of manipulating include American media companies ViacomCBS, Discovery Communications Inc, Texas Capital Bancshares, Rocket Companies, etc.<b>There are also Chinese concept stocks such as Tencent Music and iQiyi.</b></p><p>However, Cox also added: \"Although the target of manipulation is unusual, the volume made by traders is also very unusual. In some ways, this unusual situation may help the government.\"</p><p>According to the Financial Times, Dickinson Wright's partner Jacob Frenkel said:</p><p>The burden of proof falls entirely on the government. But prosecutors typically don't file charges unless they expect a big victory based on evidence. The scale of the liquidation and the description of its actions suggest that it will be an uphill battle for the defendants. U.S. prosecutors have also received cooperation from Archegos' director of risk management and chief trader, who have pleaded guilty.<b>Their potential testimony could be critical to the outcome of the lawsuit if the case goes to trial. They were accused of lying to banks along with Hwang and Halligan to obtain billions of dollars used to inflate the company's share price.</b></p><p><b>Rather than delving into complex financial transactions to win juries over, prosecutors may focus on the huge lies spun by defendants at trials. However, court observers said that in the eyes of jurors, top investment banks are \"unwelcome\" victims, and it is difficult to arouse everyone's sympathy.</b></p><p>Frenkel noted that this could also explain why the prosecution did not charge the defendants with fraud against the bank. He added:<b>\"By not charging banks with fraud, the government can in turn weaken the defendant's excuse to exonerate themselves-that the bank is some form of accomplice.\"</b></p><p>According to the prosecution, the defendant's false statements to banks and brokerage companies constitute the crime of extortion. This came as a surprise to legal experts, as this charge usually targets organized crime.</p><p>John Coffee, a professor at Columbia University Law School, said that the severe confiscation penalty related to extortion crimes in the United States may be the primary reason why the authorities included this charge.</p><p></body></html></p>","source":"highlight_wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>\"Big Liquidation of the Century\" Suspense: Did Bill Hwang manipulate the stock price?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n\"Big Liquidation of the Century\" Suspense: Did Bill Hwang manipulate the stock price?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2022-04-30 18:22</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Experts say it may be difficult for U.S. authorities to prove that the hero of this \"big explosion of the century\" manipulated the market and pushed up stock prices.</p><p>Before Bill Hwang and Archegos' former chief financial officer Patrick Halligan were arrested by federal police on Wednesday, U.S. authorities had spent months gathering evidence to support their allegations. The charges are that they plotted to manipulate the stock prices of listed companies in order to increase earnings, which caused a huge shock in the American securities market.</p><p>The Archgos liquidation caused billions of dollars in losses to Wall Street's top investment banks and wiped out more than $100 billion from the valuations of nearly a dozen companies.<b>But legal experts say prosecutors may still struggle to prove that the defendants manipulated the stock price.</b>This requires persuading the jury to prove that Bill Hwang's artificially raised stock prices has imbalanced the normal supply and demand relationship in the securities market.</p><p>Bill Hwang's lawyer insisted that his client was \"completely innocent of any wrongdoing\" and that the allegations were exaggerated. He is innocent and will be proven innocent.</p><p>Can manipulating stock prices constitute a criminal case?</p><p>The Securities and Exchange Commission (SEC) said in the indictment:</p><p>The pair and others at the firm made \"materially false and misleading statements\" to the big banks that arranged derivatives trades. None of these transactions are based on principled acts of true value to a particular issuer, but are intended to artificially inflate the stock price. Experts said,<b>These share purchases alone do not necessarily constitute illegal activity</b>, which may make it difficult to prove Bill Hwang's allegations of market manipulation.</p><p>A senior criminal lawyer asked:</p><p><b>If its purpose is only to drive the stock price, can this constitute a criminal case?</b>This is a very delicate and complex issue, and this case is an excellent case for us to think about it. Market manipulation is one of 11 criminal charges filed against Bill Hwang by U.S. prosecutors. He was also charged with racketeering and fraud. His deputy, former chief financial officer Patrick Halligan, was also arrested and charged, but not involving market manipulation. Both pleaded not guilty.</p><p>Allegations of market manipulation typically arise in civil cases filed by agencies such as the Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC). Compared with criminal proceedings, the burden of proof in civil cases is lighter.<b>But even then, attorneys struggled to make those charges valid.</b></p><p>A case 30 years ago involving John Mulheren, a popular Wall Street trader, is regarded as a rare criminal case of stock manipulation. His charge was ultimately overturned on the grounds that the jury's decision was based on speculation and there was insufficient evidence.</p><p>According to the Financial Times, James Cox, professor of corporate and securities law at Duke University, said the Mulheren case<b>\"Greatly illustrates the problems existing in the manipulation charge case\"</b>。</p><p>The SEC also accused Bill Hwang of ignoring his research analysts by ordering Archegos to trade before the market opens or in the last 30 minutes of the trading day to maximize market impact.</p><p>The case of manipulation targeting listed corporate giants is even more confusing</p><p>Cox Indicates,<b>For U.S. authorities, this is a \"gut check moment\", and this case will not be assured, because there are \"great challenges\" in refining a large amount of evidence and transaction data into a form understandable to jurors.</b></p><p>He added that as Archegos' capital ballooned from $1.5 billion in March 2020 to $35 billion a year later,<b>The alleged manipulation involves corporate giants listed on the largest U.S. exchanges, rather than other more typical small companies, so the case will be more complicated.</b></p><p>According to reports, the company stocks that Bill Hwang is suspected of manipulating include American media companies ViacomCBS, Discovery Communications Inc, Texas Capital Bancshares, Rocket Companies, etc.<b>There are also Chinese concept stocks such as Tencent Music and iQiyi.</b></p><p>However, Cox also added: \"Although the target of manipulation is unusual, the volume made by traders is also very unusual. In some ways, this unusual situation may help the government.\"</p><p>According to the Financial Times, Dickinson Wright's partner Jacob Frenkel said:</p><p>The burden of proof falls entirely on the government. But prosecutors typically don't file charges unless they expect a big victory based on evidence. The scale of the liquidation and the description of its actions suggest that it will be an uphill battle for the defendants. U.S. prosecutors have also received cooperation from Archegos' director of risk management and chief trader, who have pleaded guilty.<b>Their potential testimony could be critical to the outcome of the lawsuit if the case goes to trial. They were accused of lying to banks along with Hwang and Halligan to obtain billions of dollars used to inflate the company's share price.</b></p><p><b>Rather than delving into complex financial transactions to win juries over, prosecutors may focus on the huge lies spun by defendants at trials. However, court observers said that in the eyes of jurors, top investment banks are \"unwelcome\" victims, and it is difficult to arouse everyone's sympathy.</b></p><p>Frenkel noted that this could also explain why the prosecution did not charge the defendants with fraud against the bank. He added:<b>\"By not charging banks with fraud, the government can in turn weaken the defendant's excuse to exonerate themselves-that the bank is some form of accomplice.\"</b></p><p>According to the prosecution, the defendant's false statements to banks and brokerage companies constitute the crime of extortion. This came as a surprise to legal experts, as this charge usually targets organized crime.</p><p>John Coffee, a professor at Columbia University Law School, said that the severe confiscation penalty related to extortion crimes in the United States may be the primary reason why the authorities included this charge.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3658349\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6661d0357fa5130f62970f5816d2c6b1","relate_stocks":{".DJI":"道琼斯"},"source_url":"https://wallstreetcn.com/articles/3658349","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1145531422","content_text":"专家表示，美国当局可能很难证明，这场“世纪大爆仓”的主人公，操纵市场并推高股价。在周三 Bill Hwang 和 Archegos 的前首席财务官 Patrick Halligan 被联邦警方逮捕之前，美国当局已经花了数月时间来收集证据，支持他们的指控。指控的罪名是他们为提高收益而策划操纵上市公司股价，在美国证券市场上引起了巨震。Archgos的爆仓事件给华尔街的顶级投行们造成了数十亿美元的损失，并使近12家公司的估值蒸发了超过1000亿美元。但法律专家表示，检察官可能仍难以证明被告操纵股价。这需要说服陪审团，证明 Bill Hwang 人为抬高股价的行为，已经使证券市场正常的供求关系失衡。Bill Hwang的律师坚称，他的当事人“完全没有任何不当行为\"，这些指控是夸大其词。他是无辜的，将被证明无罪。操纵股价就能构成刑事案件吗？美国证监会（SEC）在起诉书中表示：两人和公司的其他人向安排衍生品交易的大银行做出了“重大虚假和误导性陈述”。这些交易都不是基于对特定发行者真实价值的原则性行为，而是有意人为地抬高股价。专家表示，单单是这些购买股票的行为并不一定构成非法活动，这可能会让 Bill Hwang 操纵市场的指控很难得到证明。一位资深的犯罪律师发问道：如果其目的仅仅是推动股价，这难道就能构成刑事案件吗？这是一个非常微妙和复杂的问题，本案是让我们思考这个问题的绝佳案例。市场操纵是美国检方对 Bill Hwang 提起的11项刑事指控之一。他还被指控犯有敲诈勒索罪和欺诈罪。他的副手、前首席财务官 Patrick Halligan 也被逮捕和指控，但不涉及市场操纵。两人都表示不认罪。操纵市场的指控通常出现在美国证监会（SEC）或商品期货交易委员会（CFTC）等机构提起的民事案件中。与刑事诉讼相比，民事案件的举证责任较轻。但即便如此，律师也很难使这些指控成立。30年前涉及华尔街当红交易员约翰·穆赫伦（John Mulheren）的一起案件，被视为是罕见的股票操纵刑事案例。他的罪名最终被推翻，理由是陪审团的决定是基于猜测，并且证据不足。据英国金融时报报道，杜克大学公司法和证券法教授 James Cox 表示，穆赫伦案“极大地说明了操纵指控案存在的问题”。SEC 还指控 Bill Hwang 无视他的研究分析师，下令 Archegos 在开盘前或交易日最后30分钟进行交易，以最大限度地扩大市场影响。操纵目标为上市企业巨头 案件更为扑朔迷离Cox 表示，对美国当局来说，这是一个“检查信心的时刻（gut check moment）”，这一案件不会是有把握的，因为要将大量证据和交易数据提炼成陪审员可以理解的形式，这存在着“巨大的挑战”。他补充说，由于 Archegos 公司资本从2020年3月的15亿美元膨胀到一年后的350亿美元，被指控的操纵行为涉及在美国最大交易所上市的企业巨头们，而不是其他更典型的小型公司，因此该案件将更加复杂。据报道，Bill Hwang 涉嫌操纵的公司股票包括美国媒体公司 ViacomCBS、Discovery Communications Inc、Texas Capital Bancshares、Rocket Companies等，还有腾讯音乐、爱奇艺等中概股。然而，Cox 还补充道：“尽管操纵的目标不同寻常，但交易员所做的成交量也非常不同寻常。在某些方面，这种不寻常的情况可能会帮助到政府。”据英国金融时报报道，Dickinson Wright 的合伙人 Jacob Frenkel 表示：举证责任完全落在政府头上。但检察官通常不会提出指控，除非他们根据证据预计会大获全胜。爆仓的规模和对其行为的描述表明，对被告来说，这将是一场艰苦的战斗。美国检方还得到了 Archegos 风险管理总监和首席交易员的配合，他们已经认罪。如果案件进入审判阶段，他们的潜在证词可能对诉讼的结果至关重要。他们被指控与 Hwang 和 Halligan 一起向银行撒谎，以获得用于抬高公司股价的数十亿美元。在审判中，检察官可能会将重点放在被告编织的巨大谎言上，而不是深入研究复杂的金融交易来赢得陪审团的支持。但法庭观察人士表示，在陪审员眼里，顶级投行是“不受欢迎的”受害者，很难引起大家的同情。Frenkel指出，这也可以解释为什么检方没有指控被告对银行进行欺诈。他补充说：“政府不指控银行诈骗罪，反过来可以削弱被告为自己开脱罪名的借口——即银行是其某种形式的共犯。”检方称，被告对银行和经纪公司的虚假陈述，构成了敲诈勒索罪。这令法律专家感到意外，因为这一指控通常针对有组织犯罪。哥伦比亚大学法学院教授 John Coffee 表示，与美国敲诈勒索罪名相关的严厉没收处罚，可能才是当局列入这一指控的首要原因。","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":553,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}